Monday, 30 July 2007

• Calvin Coolidge: Preventing a Depression from becoming Great

  Calvin Coolidge is one of those American Presidents who does not receive his fair share of popularity.  In fact I would put Coolidge on my "Top Ten Best Presidents" lists.  Calvin Coolidge was president between the years of 1923-1929.  There are two points I want to make on this post.  For one, Calvin Coolidge prevented a depression from becoming great in the early 1920's and if he was in office after the Stock Market Crash there would have been no "Great Depression".  Because Calvin Coolidge believed in a 'hands-off' approach to government the market was able to produce some of the most fascinating business leaders, driving the economy through the Roaring Twenties.  When the economy was struggling in the early 1920's he did not overact like Hoover and Roosevelt but allowed the 'X's-ordinary people' to fix what needed to be fixed.  Here is a quote from the book "The Forgotten Man" describing Coolidge:

  "Coolidge by contrast believed that the work of life lay in holding back and shutting out.  He conducted his official life according to his own version of the doctor's Hippocratic Oath-first, do no harm.  it sounded easy, and many mocked Coolidge as being lazy in office-the same people who made fun of him by calling him Silent Cal.  But Coolidge was no silent; he later estimated that each year as president he wrote or spoke 75,000 words, a share of those involving laying out his explanation for vetoing legislation.  And Coolidge's "no harm" rule came out of strength of character.  By holding back, Coolidge believe, he sustained stability, so that citizens knew what to expect from their government."

  Because Coolidge made it clear that Americans, not the government, were the ones who were supposed to take the lead the American people responded.  America got out of the early 1920's depression and thrived during his time in office.  When Coolidge left office, 1929, the unemployment rate was only 3.3 percent.  Hard to say his policies caused the "Great Depression" with that statistic.  Here are some more statistics that make Coolidge a President to admire:

  A surplus fiscal budget: By cutting taxes this ended up driving up the economy allowing a tax revenue surplus. 

  Reduced national debt: From a debt of $24 billion to $16 billion

  Worker wages: While in office the average worker earnings rose 16 percent during Coolidge time in office.  On the side, this is was when minimum-wage laws did not exist.  Businesses can increase worker salalaries on their own. And began to realize a higher paid worker is a happier worker.

  In 1924 Coolidge was re-elected with 383 electoral votes all other candidates combined received only 149.

  We need another Coolidge. 

  

  Currently Listening Robbers & Cowards By Cold War Kids see related

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