On August 3, 1923, Calvin Coolidge became the 30th President of the United States upon the death of President Warren G. Harding.
While everyone who studies the era of the 1920s sees Coolidge as an improvement on Harding (regarded the worst President of the 20th century and one of the bottom two or three in all of American history), the fact is that the Coolidge Administration ushered in a full return to the mentality of the Gilded Age, leading to a revival of monopoly capitalism, exploitation of labor, a growing maldistribution of wealth,and the lowest level of taxation of the rich and the corporations in the entire 20th century!
And we all know what that led to: the Great Depression, which lasted ten years, and was only overcome by World War II and the highest level of taxation of the rich and corporations in the century, followed by very high levels of taxation under Republican President Dwight D. Eisenhower in the 1950s, and lower but substantial rates even under Republicans Richard Nixon and Ronald Reagan and Democrat Bill Clinton, among others.
And the country prospered even when Bill Clinton RAISED taxes in the early 1990s, and we had a balanced budget in the last years of the Clinton Presidency.
But then, we moved in the opposite direction under George W. Bush, the lowest taxation levels of the rich and corporations since 1928, the last full year of Calvin Coolidge in office and the year before the Great Depression occurred under Herbert Hoover.
Now we are faced with the strong likelihood of a revival of the Great Recession, but the Republicans have made low taxation a religion that is ultimately going to destroy the social fabric of this nation, and endangers all of us with the possibility of violence and bloodshed as conditions deteriorate to the worst since the 1930s!
This is a terrifying time, and one has to ask, what happened to patriotism, the idea that we sacrifice for each other, and that the rich and corporations pay their fair share of taxation to sustain the country’s economy! Apparently, greed and selfishness rule as they did in the Gilded Age and the 1920s, as if we have made no progress in the 80 plus years since the beginning of the Great Depression!