Hoover was a conservative president who was in office 1929-1933. His election campaign revolved around continuing the (false) prosperity of the Roaring 20s, while giving no attention to the widening income gap and rural economic depression in agriculturally based communities. Hoover's campaign quote was ironic because he said that America was about to "triumph over poverty" when in reality the nation was about to plummet into economic turmoil and poverty. He strongly believed in using a "laissez faire" philosophy when dealing with the economy. Hoover believed that the government shouldn't get involved with business and the economy; the term "lassiez faire" translates to "leave alone". The Progressive Era helped create a stable government and economic success through active government but Hoover's inactive approach to presidency created a false sense of fortune in the 1920's which eventually led to the economies downfall in the Great Depression.
When confronted with the ever-worsening economic conditions of the 1920s he stated that there were no big problems and people should fix their own without government help. This idea was "rugged individualism". It was the idea that people should be able to solve their own financial problems through their own efforts without relying on government assistance during difficult times. He refused to intervene and fix economic problems before it was too late because he felt the people who were dealing with the issue should fix it themselves. This and Hoover's "laissez faire" philosophy is the reason why the Depression caused so many people to suffer for so long. Historians believe that if he had stepped in and resolved some the issues the Great Depression would've been much shorter and not nearly as devastating. He based all his beliefs on everlasting prosperity but eventually the ice of wealth wore thin.
Famous Quotes:
"We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us." (1928, right before the Depression)
"Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves." (1930, during the Great Depression)
"I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering…. The lesson should be constantly enforced that though the people support the government, the government should not support the people." (1930, during the Great Depression)
"We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us." (1928, right before the Depression)
"Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves." (1930, during the Great Depression)
"I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering…. The lesson should be constantly enforced that though the people support the government, the government should not support the people." (1930, during the Great Depression)