By 1933, President Franklin D. Roosevelt had promoted the idea of flushing money into the economy to stimulate stronger growth with his New Deal policies. Such policies rankled Roosevelt’s predecessor, Herbert Hoover. “One of the ideas in these spendings is to prime the economic pump,” Hoover said in a 1935 post-presidential speech. “We might abandon this idea also, for it dries up the well of enterprise.”
- Priming the pump: Trump lays an egg in interview with financial magazine, CanadianManufacturing.com, May 12, 2017.
About the author:
Zhang Xin is Trainer at chinadaily.com.cn. He has been with China Daily since 1988, when he graduated from Beijing Foreign Studies University. Write him at: zhangxin@chinadaily.com.cn, or raise a question for potential use in a future column.
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