I think the point about Herbert Hoover (which might not be
clear unless you're a history buff) is that he felt that the laws
of supply and demand would end the Depression, unlike FDR,
who instituted a number of largely "make-work" programs but
didn't really see the Depression end until Pearl Harbor. Hoover
did approve the Reconstruction Finance Corporation, but it was
too little, too late. So I think it would fit Archie's character to
have a lyric that implies: let private enterprise, and not the federal
government, solve our economic problems. I majored in history and
read it that way; I certainly understand if people see no underlying
meaning in "Mister, we could use a man like Herbert Hoover again."
(But remember, there's also the lyric: "Didn't need no welfare state, everybody
pulled his weight," and there are people today who think FDR was trying to
institute a welfare state.)