I agree with David and Mark. Back in March 2003, I wrote this piece for the Cato Institute about the Hoover-Roosevelt years. Anyone who claims that Hoover Economics is about the government not doing much, and that free-markets regulated themselves has not looked at the data.

For instance, President Hoover radically changed course from the low-tax policies of the 1920s with the Revenue Act of 1932. That law sharply increased individual tax rates at all income levels, with the top rate rising from 25 percent to 63 percent. Read more here.

And if we want to measure the impact that lowering tax rates on high income earners could have on our economy and the deficit, read this.