Letter: Scary, angry tax rhetoric
Referring to Tim Chermak's letter, Oct. 2: In my letter of Sept. 29, I simply said the Republicans were in charge when the stock market crashed in 1929 and I blamed their Congress (some might have been Democrats) for doing nothing to aid innocent victims of the disaster that followed. The people blamed Wall Street speculators for the crash. On Feb. 15, 1929, the Federal Reserve Council came out favoring a curb on stock speculation and that is all. Besides, the stock market was on its way and finally crashed Oct. 23-24 (Black Thursday).
My parents were not concerned with who or what to blame but worried how to survive without any of that worthless paper money Chermak says the Federal Reserve printed in the 1920s. I don't remember that. A paper dollar was worth as much as a silver dollar during the 1920s.
Chermak mentioned 1791 as a historic date he doubted I could remember. His remark has prompted me to end this letter with a historical date that has been buried for 80 years. The high taxes during the World War I years had been cut and the government was operating on a low budget when the stock market crashed. This caused it to lose large amounts of tax revenue and on Feb. 24, 1930, Hoover warned Congress to economize or face a 40 percent tax hike. This scared the wits out of everyone and ended any thought Congress night have had of government aid for innocent victims of the disaster. With everyone economizing, the whole U.S. economy literally shut down and Feb. 24, 1930, is the day the 1929 recession ended and the Great Depression of the 1930s began.
The GOP is still scaring the public with its tax rhetoric and the people still listen to it. There is a difference today: Anger and hatred have been added to their rhetoric. I'm listening now and I'm scared. How about you?