Republican Prosperity

1920s Presidents Warren G. Harding Calvin Coolidge Herbert Hoover 1921-1923 1923-1929 1929-1933

In Their Words . . . “America’s present need is not heroics, but healing; not nostrums, but normalcy; not revolution, but restoration; not agitation, but adjustment . . . not submergence in internationality, but sustainment in triumphant nationality.” Warren G. Harding

In Their Words . . . “The chief business of the American people is business.” Calvin Coolidge

In Their Words . . . “A chicken in every pot and a car in every garage.” Herbert Hoover

A Return to Normalcy Coined by President Harding Reflected the desire to return to the simpler days before the Progressive Era and WWI Promised quiet prosperity, smaller government, and a focus on domestic business

Republican Formula Policy of laissez-faire Lower government spending Lower taxes Higher tariffs Subsidies and loans to encourage business growth Decrease in national debt

Prosperity Grows

Foreign Policy Washington Naval Conferences (1921) USA, Great Britain, Japan, France, Italy disarmament treaty signed limited construction of new naval warships and submarines with freeze on construction for 10 years Kellogg-Briand Pact (1928) 15 signatory countries renounced war as a national policy

Foreign Policy Fordney-McCumber Tariff (1922) Raised taxes on US imports to 60% (highest ever) Helped US companies thrive Dawes Plan (1922-1933) American loans to Germany ($2.5 million) to help repay reparations and avoid another war