Republican Prosperity

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Republican Prosperity
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1920s Presidents
Warren G. Harding
Calvin Coolidge
Herbert Hoover
1921-1923
1923-1929
1929-1933
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In Their Words . . .
Americas 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
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In Their Words . . .
The chief business of the American people is
business.
Calvin Coolidge
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In Their Words . . .
A chicken in every pot and a car in every
garage.
Herbert Hoover
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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

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Republican Formula

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

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Prosperity Grows
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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

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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