The effects of federal public works spending were largely offset by Herbert Hoover's large tax increase in 1932, whose full effects for the first time were felt in 1933 and it was undercut by spending cuts, especially the Economy Act.
聯邦公共工程支出的效果在相當程度上被胡佛於1932年的大幅增稅所抵銷，後者完全的效果第一次呈現於1933年，削減開支──尤其是經濟法案、則減弱了其效果。