When Harding was elected president, World War I had just ended and Americans were tired of both foreign entanglements and the Progressive idealism of outgoing President Woodrow Wilson. Harding seemed like a refreshing replacement who would return the U.S. to "normalcy" by reigning in big government both at home and abroad.

Harding and the Depression

By the time Harding took office in March 1921, the U.S. was in an economic depression mainly due to military demobilization and deindustrialization after the war. Prices were high, wages were low, and unemployment was widespread. Americans were also burdened by high taxes enacted during the war that were not lowered when the war ended.

Harding’s Treasury secretary, Andrew Mellon, concluded that higher taxes actually generated less government revenue because those with wealth have the means to hide their money from taxation. Thus, Harding approved massive tax cuts on all brackets, including lowering the top bracket from 75 to 25 percent. In addition, government spending was cut by nearly 50 percent.

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