Calvin Coolidge is often noted for his penny-pinching ways and “Silent Cal” demeanor. His administration came on the heels of massive government expansion that occurred as the U.S. entered World War I. While some natural spending contraction is to be expected as the war ended, Coolidge took it a step further – a giant step further.
While today our federal government doesn’t pass budgets for half a decade, President Coolidge met with his budget director every week with the express purpose of finding places to reduce spending. This allowed him to lower federal expenditures every year of his presidency, despite a Congress flush with tax revenue from a booming economy.
That’s right – government spending decreased and the economy improved. This allowed Coolidge to lower taxes as well, but always with an eye to keeping the budget balanced and paying down debt. His was a fiscal record second to no other U.S. president.
As important as Coolidge’s record on spending and taxes was, it may be another aspect of his terms in the White House that had the most impact.
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