The Great Depression in the United States

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The Great Depression in the United States
The great depression experienced in the United States during the reign of president Hoover and Roosevelt was characterized with the financial meltdown in the economic sector of the country. Moreover, this situation paved way for a number of problems that subjected the citizens to live under harsh conditions. This called for better leaders who could help solve the situation that was getting even worse. This argument discusses on the measures put and approaches used by the two presidents with the aim of correcting the economic depression.
Comparison and Contrast between Hoover and Roosevelt’s Way of Response to the Crisis
Similarities
When comparing the responses of the two presidents on the crisis, they both aimed in restoring the economic buoyancy and stability of the economic situation. In this case the economy of the U.S. was unstable and therefore the prices of goods and services were high hence a better economic status was demanding (Feldstein 132). Moreover, with stability in the market, there will be an assurance of the power of the currency used in the economy. Therefore, the two presidents’ motives were to bring back the economy to equilibrium. In this regard, both presidents had to apply different measures in order to achieve their optimal goals.
Differences
On the other hand, the two presidents were also divergent in their thoughts. Hoover advocated for individualism rather than communism. In this case, he meant that every individual was supposed to look for ways and means t make money in order to boost the economy. He dismissed the fact that the government was supposed to give out handouts to the less fortunate in the society. This was contrary to what Roosevelt advocated for. Roosevelt used to give out handouts to the needy. This was in form of income that they would use to sustain themselves during the depression. Economically, this was considered as a reckless approach in aiming to solve the economic problems.
Similarities and Differences in their Approaches
Both the two presidents had similarities in their approaches. They both made use of the federal government in effort to try and bring back the economy to its current and even better position. The government was used in implementation of the relevant economic policies that could be difficult if they used any other alternative method. The use of the federal government was an easier way since it was mandatory for the citizens to follow the guidelines imposed by the government (Feldstein 132). Moreover, both ...