In the annual State of the Union speech, presidents offer what they think will benefit the economy. Congress has already decided their opinions of President Obama’s ideas along party lines.
But what have been the ideas of the 12 presidents in the most immediate past? Advisor One’s Dan Berman offers a look at each of the past 12 presidents’ big economic ideas.
This Website Is For Financial Professionals Only
For Franklin D. Roosevelt in 1934, it was “Civilization cannot go back!” His first term began soon after the market crash of 1929 that sent the global economy into a deep depression.
Harry Truman adopted “Stamping out poverty in our generation.” In 1948, he was also dealing with the aftermath of the Great Depression.
Dwight Eisenhower in 1953 promised to reduce the planned deficits and then balance the budget.
In 1961, John F. Kennedy declared “We are gratified—but we are not satisfied.” At that time, the country was optimistic, wanted a leader with youth and vigor, and was coming out of a recession.
Lyndon Johnson declared the war on poverty in 1964. And Richard Nixon promised in 1973 to hold down taxes.
In 1975, Gerald Ford declared the state of the union was not good. He took office on the heels of Nixon’s resignation following the Watergate scandal.
Jimmy Carter noted in 1980 the country was experiencing economic shocks unprecedented in peacetime.
1982 heard Ronald Reagan say that this time, things are different. 1992 heard George Bush say “This will not stand.”
Bill Clinton’s speech in 1994 contained the words, “I want to thank every one of you here,” and promised a break from the trickle-down theory of the Reagan era.