In the midst of a severe recession, a president is presented with a wide variety of fanciful schemes for stimulating job creation, delaying the effects of economic adjustment, and expanding the power of Washington over private business. The president rejects them all, and the interventionist philosophy behind them:

There is no instant step from disorder to order. We must face a condition of grim reality, charge off our losses and start afresh. It is the oldest lesson of civilization…No altered system will work a miracle. Any wild experiment will only add to the confusion. Our best assurance lies in efficient administration of our proven system.

That was from the inaugural address of Warren G. Harding, whose steady hand and reductions in federal taxes and spending helped the country bounce back from the 1920-21 recession. Naturally, the leftists who dominate history departments consider him an abject failure. In other areas, Harding fell short, of course, but he doesn’t deserve to live in the cellar of historical memory. On the most important issues of his day and ours, his record compares extremely well with those of the 43rd and 44th presidents.