3. In the early 1930s, when the U.S. economy was experiencing a garden-variety recession, President Herbert Hoover argued that tough times for the economy meant that people had to "tighten their belts." He argued that this applied to the federal government as well, so in the early 1930s, the U.S. government raised income tax rates and cut government spending. Was this Good Economic Policy or Bad Economic Policy? Justify your answer with Aggregate Demand-Aggregate Supply analysis.