The Original Supply Siders: Warren Harding and Calvin Coolidge

Presidents Warren Harding (1921-1923) and Calvin Coolidge (1923-1929) oversaw one of the most successful and productive economic periods in American history between 1921 and 1928. They attempted to reverse key elements of the statism introduced into the American economy between 1900 and 1920. Their policies incentivized private-sector growth and improved the circumstances of the vast majority of American citizens. Largely undone by the New Deal and then forgotten, Harding's policies merit renewed attention because they guided the country out of recession and into prosperity in a remarkably short period. Both Harding and Coolidge aimed to reduce government's role in the nation's economy even as the country modernized after WWI. Both men clearly expressed their goals and objectives in speeches. They translated their vision into reality through a number of clear legislative initiatives. The national economic results from 1921-1928 demonstrate that their efforts succeeded, particularly in comparisons with the economy immediately before and after their terms.