Millionaires Quotes
There are some who believe that this quotation demonstrates more than any other Hoover’s blind spot regarding the non-rich in America which led to his inaction in the face of the Great Depression.
A century afterwards, the biggest change was that the price of the Senate seat had gone up and the Political Action Committees had joined the Party Treasuries as the recipients of the money In the early 21st century almost all the Senators were multi-millionaires.
He is referring to California Prop 40 - also known as the ‘billionaire tax’.
Most people who hear this quote for the first time assume that it originates with some radical socialist of the 1930s. However it came from a President of the United States and a Republican President at that. Few scholars will place this quotation correctly.