The president was Warren Harding (1865-1923), who shrewdly believed that if tough adjustments must be made such as from a wartime economy to a peacetimeeconomy the most humane policy is to get through the inevitable adjustments as fast as possible.
He also will take some of the credit for the nation's robust economy and an array of statistics behind the economy, including the longest peacetime expansion in U.S. history, lowest welfare rolls in 30 years and the first back-to-back government surpluses in 43 years.