https://www.frontpagemag.com/fpm-plus/did-big-government-pull-us-out-of-the-great-depression/
The conventional wisdom is that the Great Depression that began in October 1929 was the fault of Calvin Coolidge, Herbert Hoover, and Republicans in general. Big business was out of control, and big government should have reined it in with regulations that would have prevented the crash from happening in the first place. Herbert Hoover’s disastrous presidency (1929-1933) is generally presented as evidence of this: most establishment historians echo the charge that Franklin D. Roosevelt and the Democrats began making in 1932, that Hoover’s inaction and trust in the power of the economy to right itself only deepened the crisis and lengthened the Depression. Then Roosevelt’s New Deal smorgasbord of government programs put Americans back to work and finally provided the economy the stimulus it needed to recover.
Virtually every aspect of that conventional wisdom is false. As Rating America’s Presidents shows, if Coolidge had been president in October 1929, he would have without any doubt followed the precedent established by Van Buren, Grant, Cleveland, and Theodore Roosevelt that Hoover explicitly rejected in his memoirs: do nothing, recognizing that economic relief was not the federal government’s responsibility, and let market forces heal the economy. What Hoover doesn’t mention is that in all four of those earlier cases, the president’s policy worked, and the economy eventually righted itself, although in some cases it took longer to do so than some would have liked.
In contrast, Hoover and then Roosevelt oversaw the massive expansion of the federal government in response to the Great Depression, and it became the longest-lasting economic crisis in American history, not definitively ending until 1941. Government intervention didn’t end the Depression; it prolonged it. Hoover’s programs only added to the burden ordinary Americans had to carry, especially when he increased taxes in 1932. The tax increases were unavoidable, however: contrary to the assumptions of many Americans today, big government programs don’t magically pay for themselves.