Do Liberals Support The IRS And The FED?
Straight up, liberals, do you support and favor the very existence of the Internal Revenue Service and the Federal Reserve Banking System, created by liberal, progressive Democrat Woodrow Wilson in 1913? Do you want it, or would you like to see both the IRS and the FED just deleted.
How did America survive before Woodrow Wilson?
- NGC6205Lv 79 years agoFavorite Answer
I am not liberal. However, I am answering your question in order to correct some misconceptions that you seem to have.
First, the IRS was not created in 1913. The Bureau of Internal Revenue, which was renamed The Internal Revenue Service in the 1950s, was created in 1862 and has been in continuous existence since that time.
Second, a President doesn't really "create" anything. It is Congress which passes the laws that "create" entities such as the IRS and Federal Reserve. Also, the Federal Reserve Act was discussed for several years prior. It had its beginnings in the work of the National Monetary Commission. The NMC was created to examine what could be done to help improve stability in the economy. It was headed by Nelson Aldrich (a Republican). The NMC studied the central banks in Europe. Senator Aldrich was surprised at the stability of the British and German economies. He was also surprised to learn that the British Pound and German Mark were more widely used in international commerce than the dollar.
The NMC published many studies and papers on the subject of a central bank for the U.S. Senator Aldrich helped draft legislation to establish a central bank. However, there was some opposition to his plan since it had less government oversight than the Federal Reserve does now. Instead, two Democrats, Representative Glass and Senator Owen, drafted the Federal Reserve Act. The Act combined ideas from several of the proposed central bank plans, including the Aldrich plan. The Act was debated for several months and various amendments were made to the original. Congress eventually passed it on Dec. 23, 1913.
The Federal Reserve was intended to smooth economic upheavals. It is impossible to completely eliminate ups and downs in the economy. However, even though the economy is much larger now, the Federal Reserve has been largely successful in maintaining steady growth with relatively short period of recession. There were more economic upheavals in the period between 1813 and 1910 when the economy was much smaller than there have been in the period between 1913 and 2010. You should read more about the various banking panics, recessions and depressions in the time period of 1873 to 1910 to see the conditions that led to the creation of the Federal Reserve.
- Anonymous9 years ago
Yes you need a federal reserve. The problem with our current one is it's not really part of the government. It's almost a separate entity. That's why it needs to be placed under the control of the Treasury. We absolutely need an IRS. How else do you propose on collecting taxes? Same problem Greece had as the fellow above mentioned.
- Anonymous9 years ago
Without something like the IRS we will end up just like Greece, who had no central tax collection. I don't care about the FED stay or go I don't really careSource(s): Less people, more farmers. etc...