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Source link: http://archive.mises.org/11102/the-forgotten-depression-of-1920/

The Forgotten Depression of 1920

November 27, 2009 by

Harding cut the budget nearly in half between 1920 and 1922. Tax rates were slashed for all income groups. The national debt was reduced by one-third. The depression ended quickly. FULL ARTICLE by Thomas Woods

{ 51 comments }

Dude October 3, 2010 at 8:13 am

Carter (D) – 32.5% federal debt/GDP at end of presidency
Reagan (R) – 53.1% federal debt/GDP at end of presidency
Bush, Sr. (R) – 66.1% federal debt/GDP at end of presidency
Clinton (D) – 56.4% federal debt/GDP at end of presidency
Bush, Jr. (R) – 83.4% federal debt/GDP at end of presidency

The President proposes the budget. Congress rarely appropriates more than what the President requests.

Source: http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms

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