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The economic policies of Warren G. Harding and Calvin Coolidge shared several similarities, contributing to a period of significant economic growth during the 1920s in the United States. Let’s explore these commonalities:
Reducing Debt and Taxes:
Both Harding and Coolidge emphasized fiscal responsibility. They aimed to reduce the national debt, which they believed was crucial for economic stability and national strength.
By implementing spending cuts and tax reductions, they fostered an environment conducive to private enterprise and economic expansion.
Laissez-Faire Approach:
Both presidents adhered to a laissez-faire (free-market) policy. They believed that government intervention in the economy should be minimal.
Harding’s big-business backers influenced his policies, supporting businesses at home and advocating for isolation from foreign affairs. Coolidge continued this legacy after Harding’s death.
Economic Recovery from Depression:
After the severe economic depression of 1920-1921, both presidents focused on recovery.
Harding faced significant business decline and high unemployment. His policies laid the groundwork for Coolidge’s subsequent actions.
Coolidge emphasized the importance of good credit, sound financial conditions, and reducing the national debt to strengthen the economy.
Prosperity and Growth:
The seven years from 1922 to 1929 are considered one of the brightest periods in U.S. economic history.
Manufacturing output increased, with primary manufacturing growing at a rate of 2.5% per year and end product manufacturing increasing by 4% annually.
These policies contributed to overall economic prosperity during their administrations 123.
In summary, both Harding and Coolidge championed fiscal responsibility, embraced a laissez-faire approach, and prioritized economic recovery and growth, leaving a lasting impact on the nation’s economic landscape.PleaPl
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