Question

Who dismissed congress's plan to spend $40 billion to end the depression, saying it was impossible to "squander our way to prosperity"?

Answer 1

The answer is President Herbert Hoover. His approach to depression were:

1.       He tried to restore confidence in the economy by asking business not to cut payrolls and labor not to ask for higher wages. Most of them initially agreed until 1931.

2.       He also cut taxes and pressed the Federal Reserve Board to cut interest rates to make borrowing easier.

3.       He procured $2 billion for public works projects.

4.       He established the Reconstruction Finance Corporation and the Home Loan Bank Act to assist businesses and head off some foreclosures but he was a fiscal conservative who said we couldn't "squander our way to prosperity," and so he disparate further spending plans.

Answer 2

Saying it was impossible to "squander our way to prosperity", President Hoover dismissed congress' plan to spend $40 billion to end the depression.

 

To add, the American politician who served as the 31st President of the United States from 1929 to 1933 during the Great Depression was Herbert Clark Hoover.