A policy study put out by the Public Interest Institute this month called “How to Return to Normalcy in America: Following the Examples of Warren G. Harding” takes a look at the election of and the economic policies implemented by President Harding.
One particular note of interest in the study is found on page 16:
Federal spending was cut from $6.3 billion on 1920 to $5 billion 1921 and $3.2 billion in 1922. Federal taxes fell from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922.
These cuts in spending were in response to the depression of 1920-1921, virtually forgotten because of being overshadowed by the Great Depression of the 30s.
To read the study, click here.
(Source: Policy Interest Institute)