ipl-logo

The Autobiography Of Calvin Coolidge And The Great Depression

800 Words4 Pages

In April 1929, Calvin Coolidge first published his autobiography, by October of that year the stock market would crash, the economy would collapse, and the Great Depression would begin. Many would and have been quick to leap to the idea that Coolidge is to blame for the crash, often stating that his lack of intervention into the economy and loose economic policy caused the crash, but in this essay, Coolidge’s policies will be explored and from those policies, a key value will be explored. Like any great analysis, this one will start at the root, childhood. Coolidge’s first interaction with basic economic came through his father, who as a prominent local politician was charged with collecting the taxes. It was through that lens that Coolidge …show more content…

Starting from a young age, Coolidge was shown that when debts ran high someone had to pay them eventually, the entire community of Plymouth Notch recognized that idea, “[i]f any debts were contracted they were promptly paid” (The Autobiography of Calvin Coolidge, 17). The community and the experiences with his father painted a clear picture to young Coolidge, that debt was to be avoided at all cost and if it was incurred it ought to be paid off promptly. He soon gained some personal experience with this as a young adult when he first left Amherst to be independent he found himself struggling to pay rent, and he applied the lessons of his …show more content…

Here many may be quick to point out that was all anecdotal and that he should have conducted proper policy, but even there Coolidge did follow the accepted paradigm. Prior to Keynes introducing his great work in 1936, the dominant economic theory would have been what we now call classical economics, classical economist David Ricardo proposed that “[e]very tax ought to be so contrived as both to take out and to keep out of the pockets of the people as little as possible” (On the Principles of Political Economy and Taxation, Chapter 12). The commonly accepted position in classical economics was that lower tax rates allowed households to spend more money and not just that but to save more money as to negate the effects of future deficits. Coolidge’s economically conservative position would have been in following with the economic policies of the time. Not only did the follow the economic norm, but they proved the model too, as taxes dropped, and expenditures dropped “large payments [were] made on the national debt” (The Autobiography of Calvin Coolidge, 180), the economy was doing quite well and coming out of debt. The American Gross National product had increased by 9% between the

Show More
Related
590 Words | 3 Pages

Coolidge said in his inaugural message, “We cannot finance the country, we can not improve social conditions, through any system of injustice, even if we attempt to inflict it upon the rich,” (1925 Inaugural Message). He believed that while taxation was an economic issue, it was also a moral issue. A significant amount of hard-earned money was being removed from each citizen’s paycheck, and Coolidge believed the amount taken was discouraging and limiting to the taxpayer, and sought to change

Read More
228 Words | 1 Pages

The government should provide regulations on the economy to avoid economic failures such as the Great Depression. This article, titled “Two Presidents and the Depression” was written to describe how U.S. Presidents Herbert Hoover and Franklin D. Roosevelt handled the Great Depression in their own ways. When describing Hoover’s beliefs and how they influenced his actions, this article states how Herbert Hoover, “firmly believed in ‘trickle down’ and laissez-faire”. According to the textbook, Hoover had many laissez-faire policies while in office. Once Hoover left office and he became president, FDR made it his goal to get America back on its feet, and to do this he created the New Deal.

Read More
1636 Words | 7 Pages

Truman worked very hard to limit the big debt problem by raising taxes and cutting the spending of the government. The surplus that he got from raising taxes and cutting spendings would go directly to the national debt. When the economy started to stall he dropped the taxes. When the Korean War started Truman was still able to keep the taxes low and the inflation steady. Harry Truman left a pretty good legacy as president.

Read More
1215 Words | 5 Pages

Roosevelt changed the national economy, and the government’s role in the economy in colossal ways. He made it so that the federal government in America had a vastly greater control over the economy than in previous years. This is

Read More
615 Words | 3 Pages

The United States entered a period of economic catastrophe known as the Great Depression following the 1929 stock market crash. The political, economic, and social institutions of the United States were terrible during this period of time .Though there is not a specific reason for the Great Depression there are obviously contributing factors such as the overproduction of goods and the 1929 Stock Market Crash which is often said to have been the main leading factor to this catastrophe. The American people and the American government looked for solutions to the issues that Americans faced throughout the 1930s. Among the solutions, President Roosevelt introduced programs known as the ‘New Deal’ which were meant to relieve the American people and get the economy back on track.

Read More
344 Words | 2 Pages

The Americas experienced drastic change during the Great Depression, causing it to be a large turning point in federal government’s role in managing the economy. Although it was a time of significant destitution, The Great Depression promoted the reformation of government and management in order to rehabilitate the economy and secure a better and prosperous future. New Deals were formed to restructure what was dysfunctional in the order. These changes were allowed by the opinions raised by political leaders and the public, after viewing startling statistics showcasing a negative downturn in America’s economy.

Read More
982 Words | 4 Pages

History CA – Part C In 1929 the US experienced a huge change in economy known as the ‘Wall Street Crash’, this was the largest economic bust in American history. During the time of the economic depression, the president was Herbert Hoover, a republican who strongly believed in laissez faire, which essentially meant that he believed that things should be left alone, and not interfered with. Hoover believed that things would sort themselves out by themselves within a matter of time. For the citizens of the United States, this was seen as Hoover being useless, and not even attempting to make a change to the society, which was in ruins.

Read More
934 Words | 4 Pages

In 1929, the Great Depression officially took ahold of the public, and made the United States turn into a fiasco, which left President Hoover as the face of the blame and the next president, Franklin Roosevelt (FDR), as the acclaimed ‘hero.’ FDR’s response to the Great Depression may have been provoked by President Hoover’s inaction and the nation’s underlying cry for government help. Since the means of consumption, investment, and trade were all cut off, the only factor left to grow the gross domestic product (GDP) was the government, and the soon-to-be president, Roosevelt from the election of 1928, will be suited for the job of using the government. These responses will be directed towards unemployment, government financial aid, and the

Read More
1116 Words | 5 Pages

In the time of 1929 to 1939 the U.S. was in a consistent condition of financial melancholy that began with money markets accident in 1929. The general population of the U.S. was in a surge not to lose their reserved funds, individuals would settle on flurry choices to pull back their cash before the banks would close. The inquiry that people in general more than once tended to Roosevelt was the way to take the economy back to a viable monetary state. President Roosevelt requested the Securities Act of 1933 “to bring order out of chaos” as Roosevelt expressed in a presidential location. (Hamen 34 - 41) (“Franklin Roosevelt”)

Read More
129 Words | 1 Pages

With a strong mandate, FDR moved quickly during the first hundred days of his administration to address the problems created by the Great Depression. Under his leadership, Congress passed a series of landmark bills that created a more active role for the federal government in the economy and in people�s lives. During the first hundred days of his administration, Congress passed the Emergency Banking Relief Act, which stabilized the nation�s ailing banks and reassured depositors, created the Federal Emergency Relief Administration (FERA), the National Recovery Administration (NRA), the Agricultural Adjustment Administration (AAA), and the Tennessee Valley Authority (TVA). Believing that work programs were better than relief, FDR secured passage

Read More
607 Words | 3 Pages

With widespread unemployment, severe economic misery, and social unrest, the 1930s Great Depression was one of the worst times in American history. President Franklin D. Roosevelt responded to this crisis by announcing the New Deal, a set of policies and initiatives meant to stabilize the economy and help the people of America. Particularly when it comes to the federal government's responsibility for maintaining economic stability and prosperity, the New Deal marks a dramatic divergence from earlier forms of government. The prevalent view prior to the New Deal was that the government ought to be involved in economic matters only to the extent necessary to preserve a laissez-faire attitude toward the market. But the severity of the Great Depression

Read More
644 Words | 3 Pages

In fact, his customary answer was “no”. Coolidge and his staff worked diligently to find places to save money. Coolidge was always consistent and discipled, never changing his perspective or moral compass to please his

Read More
655 Words | 3 Pages

The Great Depression was a major turning point for the United States’s economy because it changed the relationship between the government and the economy. Before the Great Depression, the economy was a Laissez-faire style market where the government had no influence on private party transactions and businesses. After the Stock Market Crash of 1929, the people of the United States sought for reliefs from the government. The Government responded by creating tax reforms, benefiting the stock market, wheat prices, employment, and the number of bank suspensions, and providing comfort for the people. As a result of their disparity, the people put their trust in the government in hopes that they would repair the broken economy.

Read More
765 Words | 4 Pages

If you got lucky and did not get fired the wages fell and the buying power increased. The americans that were forced to buy on credit fell into debt,and the numbers of repossessions and foreclosures increased steadily. The gold standard fixed currency exchanged around the world, and helped spread economic distress from the U.S. through the world.7When the country elected Franklin D. Roosevelt he promised he would create federal government programs to end the Great Depression.8 The federal government programs allowed people to get more jobs and help the economy increase. Roosevelt was a big influence during this time period and impacted many people, giving jobs to citizens and boosting the economy. After Franklin Roosevelt created the federal government programs it allowed the economy and society to grow and strength from the unlucky situation.

Read More
623 Words | 3 Pages

The life and legacy of President Calvin Coolidge is relatively unknown among today’s younger generation and sadly, mostly forgotten by the older generations. Upon reading “The Autobiography of Calvin Coolidge,” I learned I share the common value and importance of possessing a good character with President Coolidge. In his book, President Coolidge makes reference to character quite frequently. In fact, I think you could say character was a common theme of his autobiography. In his lifetime, President Coolidge with integrity, humility and was a man of great character.

Read More

More about The Autobiography Of Calvin Coolidge And The Great Depression

Related Topics

Open Document