Cal!

John Karol is an independent filmmaker whose latest film is sure to please jk. He discusses his latest film in the NY Sun:

"Make a film on Calvin Coolidge?" When the idea was first suggested to me I barely could muster a yawn. As a "liberal" filmmaker, what little I knew of Coolidge came from New Deal historians who view him as a somnambulant "capitalist tool" whose presidency served only as a prelude to disaster.

"Why Coolidge?"

"Read his autobiography — 250 pages, large print."

I did, and was intrigued. I moved on to his speeches, all of which he wrote himself. A master at delegating duties, Coolidge was not one to delegate beliefs. His speeches read like lay sermons to the American public, revealing fundamental values and ideals any small "d" democrat should embrace. I was hooked.

Coolidge on taxes and farm subsidies:

Harding, Coolidge, and Secretary of the Treasury Andrew Mellon sought to kick-start the economy by reducing the top marginal tax rate to 25%. They did. Revenues increased dramatically, presaging Arthur Laffer by half a century. Both presidents ran surpluses in all their annual budgets. By the time Coolidge left office, the national debt had been cut by one-third.

New Deal historians maintain that the tax cuts of the 1920s reversed the progressive tax policies of Woodrow Wilson. Far from it. Exemptions increased so much that by 1927 almost 98% of the American people paid no income tax whatsoever. When Coolidge left office in 1929, wealthy people paid 93% of the tax load. During Wilson's last year in office they had paid only 59%.

Less remembered, and less appreciated by contemporary politicians, was Coolidge's aversion to farm subsidies. At great political risk, Coolidge twice vetoed the popular McNary-Haugen farm subsidy bill. As Coolidge put it:

"If the government gets into business on any large scale, we soon find that the beneficiaries attempt to play a large part in the control … and those who are the most adroit get the larger part of it."

We could use a man like Coolidge in 2008.

History Posted by Harrison Bergeron at July 31, 2007 9:41 AM