Calvin Coolidge was the 30th president of the United States, serving from 1923 to 1929. Born in Vermont, Coolidge was a Republican lawyer who climbed the ladder of Massachusetts politics, becoming the state's 48th governor. His prompt and effective response to the Boston police strike of 1919 thrust him into the national spotlight as a man of decisive action. The next year, Coolidge was elected the country's 29th vice president and succeeded to the presidency upon the sudden death of President Warren G. Harding in August 1923. Elected in his own right in 1924, Coolidge gained a reputation as a small-government conservative with a taciturn personality and dry sense of humor that earned him the nickname "Silent Cal". His widespread popularity enabled him to run for a second full term, but Coolidge chose not to run again in 1928, remarking that ten years as president would be "longer than any other man has had it—too long!"
Herbert Clark Hoover was the 31st president of the United States, serving from 1929 to 1933. A wealthy mining engineer before his presidency, Hoover led the wartime Commission for Relief in Belgium and was the director of the U.S. Food Administration, followed by post-war relief of Europe. A member of the Republican Party, he served as the U.S. Secretary of Commerce from 1921 to 1928 before being elected president in 1928. His presidency was dominated by the Great Depression, and his policies and methods to combat it were seen as lackluster. Amid his unpopularity, he decisively lost reelection to Franklin D. Roosevelt in 1932.
Reaganomics, or Reaganism, were the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are characterized as supply-side economics, trickle-down economics, or "voodoo economics" by opponents, including some Republicans, while Reagan and his advocates preferred to call it free-market economics.
Andrew William Mellon, known also as A. W. Mellon, was an American banker, businessman, industrialist, philanthropist, art collector, and politician. The son of Mellon family patriarch Thomas Mellon, he established a vast business empire before moving into politics. He served as United States Secretary of the Treasury from March 9, 1921, to February 12, 1932, presiding over the boom years of the 1920s and the Wall Street Crash of 1929. A conservative Republican, Mellon favored policies that reduced taxation and the national debt of the United States in the aftermath of World War I. Mellon also helped fund and manage Kennywood Park in West Mifflin, Pennsylvania.
The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A government budget presents the government's proposed revenues and spending for a financial year.
A balanced budget amendment or debt brake is a constitutional rule requiring that a state cannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government.
Bertrand Hollis Snell was an American politician who represented upstate New York in the United States House of Representatives.
The economic policy of the Bill Clinton administration, referred to by some as Clintonomics, encapsulates the economic policies of president of the United States Bill Clinton that were implemented during his presidency, which lasted from January 1993 to January 2001.
PAYGO is the practice in the United States of financing expenditures with funds that are currently available rather than borrowed.
Alvin Harvey Hansen was an American economist who taught at the University of Minnesota and was later a chair professor of economics at Harvard University. Often referred to as "the American Keynes", he was a widely read popular author on economic issues, and an influential advisor to the government on economic policy. Hansen helped create the Council of Economic Advisors and the Social Security system. He is best remembered today for introducing Keynesian economics in the United States in the 1930s and 40s.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034 and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054.
In American political theory, fiscal conservatism or economic conservatism is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism, individualism, limited government, and laissez-faire economics. Fiscal conservatives advocate tax cuts, reduced government spending, free markets, deregulation, privatization, free trade, and minimal government debt. Fiscal conservatism follows the same philosophical outlook as classical liberalism. This concept is derived from economic liberalism.
The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously experienced fluctuating public debt, except for about a year during 1835–1836. To facilitate comparisons over time, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.
Herbert Hoover's tenure as the 31st president of the United States began on his inauguration on March 4, 1929, and ended on March 4, 1933. Hoover, a Republican, took office after a landslide victory in the 1928 presidential election over Democrat Al Smith of New York. His presidency ended following his landslide defeat in the 1932 presidential election by Democrat Franklin D. Roosevelt, after one term in office.
The 2013 United States federal budget is the budget to fund government operations for the fiscal year 2013, which began on October 1, 2012, and ended on September 30, 2013. The original spending request was issued by President Barack Obama in February 2012.
Deficit reduction in the United States refers to taxation, spending, and economic policy debates and proposals designed to reduce the federal government budget deficit. Government agencies including the Government Accountability Office (GAO), Congressional Budget Office (CBO), the Office of Management and Budget (OMB), and the U.S. Treasury Department have reported that the federal government is facing a series of important long-run financing challenges, mainly driven by an aging population, rising healthcare costs per person, and rising interest payments on the national debt.
The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending.
Calvin Coolidge's tenure as the 30th president of the United States began on August 2, 1923, when Coolidge became president upon Warren G. Harding's death, and ended on March 4, 1929. A Republican from Massachusetts, Coolidge had been vice president for 2 years, 151 days when he succeeded to the presidency upon the sudden death of Harding. Elected to a full four–year term in 1924, Coolidge gained a reputation as a small-government conservative. Coolidge was succeeded by former Secretary of Commerce Herbert Hoover after the 1928 presidential election.
The presidency of Ronald Reagan began on January 20, 1981, when Ronald Reagan was inaugurated as the 40th president of the United States, and ended on January 20, 1989.
The presidency of Calvin Coolidge began on August 2, 1923, when Calvin Coolidge became the 30th president of the United States upon the sudden death of Warren G. Harding, and ended on March 4, 1929.
