“Blessed are the young, for they shall inherit the national debt”? President Herbert Hoover This quote was said by Herbert Hoover at the Nebraska Republican Convention on January 16, 1936. The convention took place during the Great Depression of the 1930’s. President Hoover made this statement to make people think about how the actions they make today would affect generations to come. President Hoover was trying to make people realize and think about the future and generations to come.? Herbert Hoover was a president during a very hard time.
He was the 31st president and started his presidency in 1929 through 1933. The Great Depression began on October 29, 1929 also known by historians as “Black Tuesday” . During this time people’s hearts sank as fast as their money disappeared from banks. This quote is a statement that explains that no matter what the younger generations do the national debt from the generations before will always be there. ? This quote translates to the 21st century and the Presidency of George W. Bush.
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Right now the United States is close to going into another Great Depression. The banks are failing, the stock market is plummeting, and homes are foreclosing. All of these are reasons why the economy is failing. Although there is the Bailout plan it’s not going to be enough. Yes, it will help our economy and rescue millions of people but by the time American teenagers are middle aged adults there will be no Social Security, no retirement funds, and no money for even their children to go to college.
Teenagers did not cause this, they did not cause the economy to fail but yet it is fallen upon their shoulders. Herbert Hoover was exactly right, the young shall inherit the national debt. The cycle always continues. The politicians go on about how the younger generations are shaping the future, but are they really, or are they just growing up and trying to survive with the problems of the older generations?