calvin coolidge
the business of america is business
Known as Silent Cal, Calvin Coolidge was quiet, honest, and frugal. He placed his trust in business and put his administration in the hands of men who held to the simple virtues of an older, more laissez-faire America. He believed that the creation of wealth and business benefited the nation as a whole.
“The chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing, and prospering in the world…”
In his approach to the economy, Coolidge continued to follow the goals of Mellon by reducing the national debt, trimming the federal budget, and lower taxes to give incentives for businesses. Coolidge thus saw a spectacular boom in the national economy, especially in the stock market. He reduced taxes from 4% to 0.5% for businesses and the personal income tax for the wealthy from 73% to 25%.
“The chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing, and prospering in the world…”
In his approach to the economy, Coolidge continued to follow the goals of Mellon by reducing the national debt, trimming the federal budget, and lower taxes to give incentives for businesses. Coolidge thus saw a spectacular boom in the national economy, especially in the stock market. He reduced taxes from 4% to 0.5% for businesses and the personal income tax for the wealthy from 73% to 25%.
isolationism??
Historically, the favored American foreign policy is isolationism or neutrality – essentially, avoiding involvement with other countries’ affairs. However, the United States DID involve themselves in the affairs of others by becoming a lead creditor nation, lending money to other nations following World War I. While isolationists in the Senate prevented the United States from ratifying the Treaty of Versailles due to their dislike of the League of Nations, the United States tried to promote peace economically.
The Dawes Plan (1924)
The Dawes Plan arranged US loans to Germany to help Germany pay back their war reparations to France and England. In exchange for these loans, France and England agreed to lower Germany’s reparations owed to them AND agreed to pay back MORE of their loans to the United States.
The Dawes Plan (1924)
The Dawes Plan arranged US loans to Germany to help Germany pay back their war reparations to France and England. In exchange for these loans, France and England agreed to lower Germany’s reparations owed to them AND agreed to pay back MORE of their loans to the United States.
disarmament??
Washington Naval Disarmament Conference (1921)
Britain, France, Italy, China, Japan, Belgium, the Netherlands, and Portugal agreed to meet and discuss disarmament. They proposed a 10 year halt on the construction of new warships. This lead to the Five Power Naval Limitation Treaty between Britain, France, Italy, Japan, and the United States.
The Kellogg-Briand Pact (1928)
Led by the efforts of the United States and France, a total of fifteen nations tried to outlaw war altogether and settle disputed through diplomacy and peaceful means. (Yeah, right…)
The London Naval Treaties (1930)
The United States, Britain, France, Italy, and Japan agreed to ratios on warships and halting any arms race. Japan dropped out in 1936.
Britain, France, Italy, China, Japan, Belgium, the Netherlands, and Portugal agreed to meet and discuss disarmament. They proposed a 10 year halt on the construction of new warships. This lead to the Five Power Naval Limitation Treaty between Britain, France, Italy, Japan, and the United States.
The Kellogg-Briand Pact (1928)
Led by the efforts of the United States and France, a total of fifteen nations tried to outlaw war altogether and settle disputed through diplomacy and peaceful means. (Yeah, right…)
The London Naval Treaties (1930)
The United States, Britain, France, Italy, and Japan agreed to ratios on warships and halting any arms race. Japan dropped out in 1936.