An Al Smith Presidency?

Let's say, for whatever reason, that Al Smith is elected in 1932. Let's say FDR isn't there to oppose him at the Convention, maybe Smith didn't run in 28, etc. Given that it is 1932, I think Smith would win despite anti-Catholic sentiment, solely on the grounds that he isn't Hoover.

So, how does he govern? In what ways is he like that other progressive former Governor of New York, and in what ways is he different? What happens next?
 
Smith was no longer a progressive by '28, let alone '32. Congressional Democrats were pushing along the idea of a national sales tax, and I could see Smith picking up on that, combined with a repeal of Prohibition plus sharp cuts to the income tax rates (the real reason the wealthy wanted Prohibition ended).

So what we end up with is a government that probably doubles down on income tax cuts and corporate tax cuts with a repeal of Prohibition and implements a national sales tax. Smith then probably goes on an economy path (if Lewis Douglas is his budget director, that's bound to happen, combined with all of the Wall Street support Smith already had in his bids for the White House) and starts cutting government spending. Not sure if I can see a bank holiday or much of anything in the way of reform.

This will set the stage for the Republicans to make a bit of a comeback in the 1934 Congressional Elections, as these sorts of policies will only further depress demand and widen the unemployment crisis. Then again, 1934 IOTL saw the rise of the populist left, so perhaps that gets channeled and expands in greater fashion without the mollifying aspects of the New Deal. Smith might very well be dealing with a much more progressive Congress than he can control come 1935.

He probably won't be President come 1937, either. None of these actions will be popular, and will probably further inflame anti-Catholic sentiment in a United States that will be running to the boiling point with civil unrest. I can see a vaguely white nationalist, or at least WASP restorationist GOP ticket in 1936 or in 1940 coming to bear. Maybe Smith holds on in 1936 because of splits in the left. If that's the case, I could see someone like Chuck Lindbergh getting elected in 1940.

All in all, it's a bad deal, especially right on the cusp of the Depression.
 
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