Filed under: Freedom, History, Politics, Taxes, The Constitution, The United States | Tags: "Silent Cal", The 30th President, The Roaring Twenties
“It is a great advantage to a president, and a major source of
safety to the country, for him to know he is not a great man.”
Do you recognize this man? This is Calvin Coolidge. He inherited the position of chief executive when scandal-plagued President Warren Harding died in office in August, 1923. He was elected in his own right in 1924. Amity Schlaes’ new biography, titled simply Coolidge, highlights some of the achievements the nation enjoyed during Coolidge’s time in the White House.
Under Coolidge, the top income tax rate came down by half, to 25 percent. Under Coolidge, the federal budget was always in surplus. Under Coolidge, unemployment was 5 percent or even 3 percent. Under Coolidge, Americans wired their homes for electricity and bought their first cars or household appliances on credit. Under Coolidge, the economy grew strongly, even as the federal government shrank.
Under Coolidge, the rates of patent applications and patents granted increased dramatically. Under Coolidge, there came no federal antilynching law, but lynchings themselves became less frequent and Ku Klux Klan membership dropped by millions. Under Coolidge, a man from a town without a railroad station, America moved from the road into the air.
After he won a full term, Coolidge pressed Congress for tax cuts. The top income tax rate was reduced from the wartime 70 to 25%. The economy burst into robust economic growth. Now we call it “the Roaring Twenties.” That helped Coolidge achieve budget surpluses every year — surpluses that he used to pay down the national debt.
He also said:
“Don’t expect to build up the weak by pulling down the strong.”