Warren G. Harding

29th President


He became president during the depression of 1920-1921. In his first year in office, recovery began.

Harding cut taxes in 1922 after a study by Andrew Mellon, Harding's Treasury Secretary, about tax revenues. Marginal rates went from 75% in 1921 to 25% in 1925. Tax were later cut for lower incomes in 1923.

Unemployed then began to drop and revenues began to rize.

Farm acts and Radio Conferences

In 1921 and 1922, Harding signed a series of bills regulating agriculture. The legislation Problem investigated and discovered "manipulations, controls, trusts, combinations, or restraints out of harmony with the law or the public interest" in the meat packing industry.