OrangeCrush on Nostr: Was government spending over 20% of the GDP then? ...

Was government spending over 20% of the GDP then?

quoting
nevent1q…mywv

I want the politicians from 100 years ago, back.



The economic policies of Presidents William G. Harding and Calvin Coolidge, known as "normalcy" or "normality," were focused on reducing government intervention in the economy. These policies included:

1. Cutting taxes: Harding reduced the top income tax rate from 73% to 25% and cut corporate tax rates. Coolidge continued this policy by cutting the top income tax rate to 25% and reducing corporate tax rates further.

2. Reducing government spending: Harding sought to reduce the size of government by cutting federal spending on various programs and departments. Coolidge continued this policy by reducing spending further.

3. Deregulation: Harding's administration worked to reduce government regulation of businesses and industries. Coolidge continued this policy by reducing regulation further.

4. Strengthening the gold standard: Harding supported maintaining the gold standard, which helped to stabilize the value of the U.S. dollar. Coolidge continued this policy by maintaining the gold standard and reducing the gold content in the U.S. dollar.

5. Tariff reductions: Harding supported reducing import tariffs to encourage international trade. Coolidge continued this policy by reducing tariffs further.

These policies aimed to promote economic growth by reducing government intervention in the private sector.