The following is from a message by President Herbert Hoover to Congress, dated May 5, 1932:
I need not recount that the revenues of the Government as estimated for the next fiscal year show a decrease of about $1,700,000,000 below the fiscal year 1929, and inexorably require a broader basis of taxation and a drastic reduction of expenditures in order to balance the Budget. Nothing is more necessary at this time than balancing the Budget.
Do you think President Hoover was correct in saying that, in 1932, nothing was more necessary than balancing the federal government's budget? Explain.