but most who studied this believe the cutbacks that were part and parcel hesagrd. what did they say the problem was with the economy? and things never change. spending beyond the budget and? too much side taxes and spending. too much regulation. exactly. this is what you'd expect. of course, it hadn't happened for four years, five years. this is what you'd expect in an overtaxed, overspent government that overregulates. arguments never change. of course, the liberals said it's because of cutbacks in spending and because, you know, concentrated in the rich, who weren't spending enough. but this was a huge problem because in this new era, who gets the blame? the president. this is heading right into the mid-term elections of 1938. what happens in the mid-term elecs? democrats take a huge pasting. lose scores of seats in the house and many seats in the united states senate. not enough for republicans to come anywhere close to the majority again, but enough to make the republicans, for the first time in the roosevelt presidency, a very consequential majority, particula