His import tax, meant to protect American industries, only made things worse by driving up consumer prices.
Subsequent presidents tried to fix the mess. Gerald Ford’s “Whip Inflation Now” campaign urged people to spend less (spoiler: it didn’t work), while Jimmy Carter and Federal Reserve Chair Paul Volcker later tackled inflation by aggressively raising interest rates—painful in the short term but necessary to regain control. Nixon’s quick-fix solutions, on the other hand, only deepened the economic turmoil.
Andrew Johnson: Reconstruction Gone Wrong
When Andrew Johnson became president in 1865 after Abraham Lincoln’s assassination, the country was at a turning point. Millions of formerly enslaved people were looking for economic opportunities, but Johnson sabotaged their progress at every turn.
Instead of supporting land redistribution or education programs, he vetoed measures that would have given Black Americans the tools to build new lives. Southern states quickly passed “Black Codes,” keeping formerly enslaved people trapped in low-paying jobs with few rights. Meanwhile, Johnson pardoned former Confederate leaders, allowing them to return to power and block economic and social progress.
Johnson liked to say, “The goal to strive for is a poor government but a rich people,” yet his actions ensured that wealth stayed in the hands of the Southern elite. It wasn’t until later presidents, like Ulysses S. Grant, pushed through new protections for Black citizens that some economic justice was restored. Even then, the damage Johnson inflicted lasted for generations, with civil rights progress delayed nearly a century.
James Buchanan: The President Who Watched It All Fall Apart
Few presidents have failed more spectacularly than James Buchanan. Serving from 1857 to 1861, he stood by as the country hurtled toward civil war. The North was thriving on industry, while the South depended on enslaved labor, but Buchanan refused to take a stand. Instead, he hoped the problem would resolve itself.
It didn’t. By the time Buchanan left office, Southern states had started seceding, plunging the nation into crisis. The Civil War devastated the economy, shutting down farms and factories while trade collapsed. Historians widely rank Buchanan as one of the worst presidents, largely because he failed to act when it mattered most.
His successor, Abraham Lincoln, had no choice but to clean up the mess. The war’s massive economic toll eventually led to industrial expansion and new federal policies that rebuilt the country. But Buchanan’s legacy remains one of catastrophic inaction.
Donald Trump: Tax Cuts and Trade Wars
Donald Trump’s economic policies, like those of his predecessors, were a mixed bag. His 2017 tax cuts slashed corporate tax rates from 35% to 21%, spurring short-term growth. Unemployment fell (before COVID-19), but most of the benefits went to the wealthy and big corporations, while middle-class workers saw only modest gains.
Then came Trump’s trade war with China. By slapping tariffs on hundreds of billions of dollars’