US President Herbert Hoover’s administration did not initially respond to the depression by emphasizing the need for fiscal austerity. On the contrary, Hoover and other figures argued in a perfectly modern, Keynesian fashion that large-scale public-works programs were needed to pull the economy out of the trough.
首先，这些评论家没学好历史。当时主政美国的胡佛（Herbert Hoover）总统当局，对萧条的最初反应并不是强调紧财政。恰恰相反，胡佛和其他一些人物曾抱有一种十足现代、凯恩斯式的主张，认为只有出台大规模公共就业项目，才能把经济拉出泥潭。