The “Coolidge dollar”

August article about “How Silent Cal Beat a Recession” from WSJ:

Eighty-eight years ago this week, Calvin Coolidge took office upon the sudden death of President Warren Harding. Like the current administration, the Harding-Coolidge administration faced a tough recession from 1919-1921. But unlike the current administration, the Harding-Coolidge and Coolidge-Dawes administrations cut taxes, balanced budgets and slashed government spending, reducing federal debt by over a third in a decade.

The economy grew, averaging just over 7% from 1924 to 1929, the years of his presidency. So did Coolidge’s popularity. He was so popular that even during the Great Depression’s height song-writer Cole Porter compared his lover to the “Coolidge dollar.”

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One Response to The “Coolidge dollar”

  1. Paul Marks says:

    Quite so.

    And against the advice of Commerce Sec Herberty Hoover.

    By the way the establishment people who endlessly quote Tres Sec Andrew M.s advice to President Hoover (about allowing the credit money bubble to liquidate – allow prices and wages to adust) do not mention that President Hoover REJECTED this advice from 1929 onwards – instead doing all he could to keep up prices and wage rates (to “maintain demand”) and creating the very government programs that FDR later enlarged and renamed.

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