George F. Will discusses the new book on one of our most under-rated presidents. [He mentions the famous chicken anecdote.] An excerpt:
When Harding died in August 1923, Coolidge had not seen him since March, but the new president, assisted by a splendidly named former congressman, C. Bascom Slemp, continued Harding’s program of cutting taxes, tariffs and expenditures. “I am for economy. After that, I am for more economy,” said the 30th president, whose administration’s pencil policy was to issue one at a time to each bureaucrat, who if he or she did not entirely use it up had to return the stub. Coolidge and Treasury Secretary Andrew Mellon advocated “scientific taxation,” an early iteration of the supply-side economics theory that often lowering rates will stimulate the economy so that the government’s revenue loss will be much less than the taxpayers’ gain. Soon Coolidge was alarmed that economic growth was producing excessive revenue that might make government larger.