PoliticalChic
Diamond Member
1. "Coolidge, one of the most successful of presidents. He reversed the economic insolvency of President Wilson, and set the economy on the road to growth, a road made rocky by Cals successor, President Hoover, and rockier still by Hoovers successor, Franklin Roosevelt.
2. Though one would not know it today, Coolidge presided over a very successful economy in the 1920s. Vice President Coolidge came to the presidency on the death of President Warren G. Harding in August 1923 and won the presidency outright in 1924 with 54% of the vote over the Democrat, John W. Davis, who had 28.8% of the vote, and the Progressive, Robert M. La Follette, who won just 16.6% of the vote.
3. Coolidge had won every race he ever contested from his first run for city councilman in 1898 to the governorship of Massachusetts in 1918, usually by astoundingly large margins. His combination of civility, effectiveness, standing by the law, and, as president, tax cuts, budget balancing, and growth was wildly popular with American voters, as was his singular asset, taciturnity.
4. He even outdid President Ronald Reagan on the economy. Reagan inherited President Jimmy Carters anemic economy. He cut taxes and with Paul Volcker as his guide cut inflation. He put the economy on a growth curve for years thereafter. Yet, as Shlaes points out [in her book] he failed to reduce the deficitthough he did reduce it as a%age of GDPand he failed to cut the federal budget.
5. Coolidge cut the top income tax rate to 25%, three percentage points lower than Reagans historic 1986 tax cuts, and the economy grew. Coolidge reduced the national debt to $17.65 billion from $28 billion with a combination of economies and tax cuts. He actually balanced the budget. When, in 1929, he returned to his Massachusetts home he left the federal budget smaller than it was when he had arrived in 1921. Of equal importance, the economy was now solidly growing.
6. The number of unemployed that stood at 5.7 million in July 1921 had dropped to 1.8 million. Manufacturing had climbed by a third since 1921 and iron and steel production had doubled. Finally the revenue acts of 1921, 1924, and 1928 represented strong growth despite tax reduction. Something was working.
7. Coolidges secretary of the treasury, Andrew Mellon, called it scientific taxation. Today we would call his tax plan supply-side economics. By cutting marginal tax rates Coolidge and Mellon goaded economic activity and raised tax revenue. [He] had to fight off big spenders, not only the Democrats but also those Republicans infected with a kind of influenza for Big Government called progressivism.
8. There were great projects such as the hydroelectric project called Muscle Shoals and there were noble gestures such as the veterans pensions that kept the pressure on the Administration to spend and tax and burst the budget. Cal resisted most of these impulses with his pocket veto and fifty vetoes,
9. In 1927 he cryptically signed a message to the world: I do not choose to run for President in Nineteen Twenty-Eight. Hoover ran and returned the progressive impulse to Washington.
10. He accomplished what he accomplished by cutting taxes and cutting budgets. It took a lot of energy and it took fortitude. Waking Up to Coolidge - The New York Sun
Imagine what the economy of the nation would be if Cooligdge was President instead of the dunce other dunces have re-elected.
Instead....the dunces of the electorate have proclaimed" "Thank you, sir....may I have another!"
[ame=http://www.youtube.com/watch?v=qdFLPn30dvQ]Kevin Bacon - Fraternity Paddle - YouTube[/ame]
2. Though one would not know it today, Coolidge presided over a very successful economy in the 1920s. Vice President Coolidge came to the presidency on the death of President Warren G. Harding in August 1923 and won the presidency outright in 1924 with 54% of the vote over the Democrat, John W. Davis, who had 28.8% of the vote, and the Progressive, Robert M. La Follette, who won just 16.6% of the vote.
3. Coolidge had won every race he ever contested from his first run for city councilman in 1898 to the governorship of Massachusetts in 1918, usually by astoundingly large margins. His combination of civility, effectiveness, standing by the law, and, as president, tax cuts, budget balancing, and growth was wildly popular with American voters, as was his singular asset, taciturnity.
4. He even outdid President Ronald Reagan on the economy. Reagan inherited President Jimmy Carters anemic economy. He cut taxes and with Paul Volcker as his guide cut inflation. He put the economy on a growth curve for years thereafter. Yet, as Shlaes points out [in her book] he failed to reduce the deficitthough he did reduce it as a%age of GDPand he failed to cut the federal budget.
5. Coolidge cut the top income tax rate to 25%, three percentage points lower than Reagans historic 1986 tax cuts, and the economy grew. Coolidge reduced the national debt to $17.65 billion from $28 billion with a combination of economies and tax cuts. He actually balanced the budget. When, in 1929, he returned to his Massachusetts home he left the federal budget smaller than it was when he had arrived in 1921. Of equal importance, the economy was now solidly growing.
6. The number of unemployed that stood at 5.7 million in July 1921 had dropped to 1.8 million. Manufacturing had climbed by a third since 1921 and iron and steel production had doubled. Finally the revenue acts of 1921, 1924, and 1928 represented strong growth despite tax reduction. Something was working.
7. Coolidges secretary of the treasury, Andrew Mellon, called it scientific taxation. Today we would call his tax plan supply-side economics. By cutting marginal tax rates Coolidge and Mellon goaded economic activity and raised tax revenue. [He] had to fight off big spenders, not only the Democrats but also those Republicans infected with a kind of influenza for Big Government called progressivism.
8. There were great projects such as the hydroelectric project called Muscle Shoals and there were noble gestures such as the veterans pensions that kept the pressure on the Administration to spend and tax and burst the budget. Cal resisted most of these impulses with his pocket veto and fifty vetoes,
9. In 1927 he cryptically signed a message to the world: I do not choose to run for President in Nineteen Twenty-Eight. Hoover ran and returned the progressive impulse to Washington.
10. He accomplished what he accomplished by cutting taxes and cutting budgets. It took a lot of energy and it took fortitude. Waking Up to Coolidge - The New York Sun
Imagine what the economy of the nation would be if Cooligdge was President instead of the dunce other dunces have re-elected.
Instead....the dunces of the electorate have proclaimed" "Thank you, sir....may I have another!"
[ame=http://www.youtube.com/watch?v=qdFLPn30dvQ]Kevin Bacon - Fraternity Paddle - YouTube[/ame]
