With this backdrop, the 1920s election was conducted commencing the resurgence of Republicans with the selection of Warren G. Harding as the new president together with Calvin Coolidge as vice president.
Warren G. Harding is often quoted for his flea for normalcy: "America's present need is not heroics but healing; not nostrums but normalcy; not revolution but restoration...not surgery but serenity." Normalcy is known as the new president's thrust for the restoration of "good old days" before the World War I and its resolution to focus on internal affair. Thus, the Harding administration maintained its opposition on the League of Nations. Among his notable contributions is the promotion of conservative opinions marked by appointment of Taft to Supreme Court. Andrew Mellon, one of the senators supported lower taxes and lower government spending. A tax cuts for wealthy households was also implemented. Though these measures were indicative of tight fiscal policies, the Republicans also highlighted the existence of a balanced budget. The Republican's conservatism was reflected on the high tariffs levied on imported products. The difficulty of recovery during the period after the Great War is often attributed to this domestic industry protectivism. The Harding administration became involved with the Tea Dome scandal. ...
He strongly advocated "letting the business cycle run their course." Coolidge approved the proposed McNary-Haugen Farm Relief Bill which was designed to allow the government to purchase agricultural surpluses. During his reign as the president, the country "experienced a wildly successful period of economic growth: the so-called 'Roaring Twenties'" (Calvin Coolidge). The president also mad a significant effort in lowering taxes and national debt. One of the most important contributions of Coolidge is the Kellogg-Briand Pact of 1928 which committed signatories including the U.S., the United Kingdom, France, Germany, Italy, and Japan to "renounce war as an instrument of national policy in their relations with one another" (Calvin Coolidge). It should also be noted that the commencement of the Great Depression happen during the Coolidge administration. This crisis is attributed to rise of consumer culture, automobile craze, slump in farm prices, McNary-Haughen Tariff Bill, and welfare capitalism.
Another Republican was elected in 1928 to replace Coolidge. The presidency of Hoover brought a negative imprint in the economy as he reigned during the onset of Great Depression. During this crisis, the stock market collapsed together with the whole financial system. Making matters worse, these tragedies were pointed out to structural flaws and corruption in the government. Hoover received criticism from Democrats who labeled him as "do-nothing" president due to his laissez faire policies. Free market advocates, on the other hand, criticized him for market interventions.
After the collapse of the stock market, the president made enormous efforts to boost the economy through various reforms. In order to