War7 - the hapless Harding, whose administration was mired...

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War, Prosperity, and Depression U.S. triumphs in World War I, suffers through downturn The federal government also started a program of tax cuts, reflecting Treasury Secretary  Andrew Mellon's belief that high taxes on individual incomes and corporations  discouraged investment in new industrial enterprises. Congress, in laws passed  between 1921 and 1929, responded favorably to his proposals. "The chief business of the American people is business," declared Calvin Coolidge, the  Vermont-born vice president who succeeded to the presidency in 1923 after Harding's  death, and was elected in his own right in 1924. Coolidge hewed to the conservative  economic policies of the Republican Party, but he was a much abler administrator than 
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Unformatted text preview: the hapless Harding, whose administration was mired in charges of corruption in the months before his death. Throughout the 1920s, private business received substantial encouragement, including construction loans, profitable mail-carrying contracts, and other indirect subsidies. The Transportation Act of 1920, for example, had already restored to private management the nation's railways, which had been under government control during the war. The Merchant Marine, which had been owned and largely operated by the government, was sold to private operators....
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