I remember you saying Coolidge was your favorite president policy wise. I agree to a certain extent, but I just wanted to get your opinion on the views that have said his policies caused the stock market crash of '29 and the Great Depression. Did Coolidge's policies exacerbate the uneven distribution of income and buying power? Thus leading to an overproduction of goods for a lack of wealthy consumers?
I would say no. Coolidges’ policies did not contribute to the Great Depression because Coolidge barely had any policies. Coolidge is on one of the few presidents to actually shrink the federal budget, balanced it and reduced our public debt.
Coolidge did reduce the top tax rate and we saw GDP grow at an average of 3.5% per year in his presidency. Not only did he lower top tax rates, but the lowest bracket, which only taxed income between $4,000 and $8,000 (not adjusted for inflation) was lowered to 2%. (X)