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Presidents Don t Influence the Economy as Much as You Might Think

Barron’s had crowed that there “has never been a President with a fundamental understanding of economics better” than Hoover’s, yet the stock market crash of 1929 and the onset of the Great Depression were so severe that Hoover had little scope for action. His bad fortune provided the impetus for the turn to Roosevelt, which to Barron’s dismay would last a generation, including eight years of Harry Truman and his “big-government boys.” But the pendulum would eventually swing back, and American politics since then has been characterized by fairly rapid swings between the extremes of laissez-faire on the right and big government on the left.

What Would Barron s Columnist Alan Abelson Say About Politics Now?

By the time of Abelson’s final column, on Feb. 11, 2013, three months before his death, he had lampooned several generations of politicians. As we approach Inauguration Day, here are some of his observations on U.S. presidents coming and going, through the decades. Abelson didn’t address Richard Nixon’s first inauguration, in 1969, and he took a somber look at the problems facing Nixon in his second term, including a slowing economy and overseas entanglements. “Call us a cockeyed optimist,” Abelson wrote on Jan. 22, 1973, “but we think the pause that depresses will end when the war in Vietnam does.” He had fun with the arrival of Jimmy Carter four years later, observing on Jan. 24, 1977, how “our new President strode, those magnificent choppers aflash, from the Capitol to the White House, unencumbered by fur hat or earmuffs or muffler” despite subfreezing temperatures. Perhaps, Abelson speculated, politicians “are so full of hot air that they are insulated agai

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