Question

What was President Warren Harding's attitude towards business?

Answer 1

Hint: Warren Gamaliel Harding was the 29th President of the United States, and he served from1921 to 1923. Harding was a Republican and one of the most famous presidents in the United States at the time.

Complete answer:
President Warren Harding believed that the government should help business in order to maximise profit. He claimed that the government would make it easier for businesses to distribute products, especially for resources that people use on a daily basis, such as water and oil. He genuinely wanted to assist in the expansion of the business. He was a cynic when it came to business. As Secretary of State, Harding appointed Mellon (the second richest man in America, who had prospered from oil), who instituted unprecedented tax cuts for the rich.

Taxes for the top of the population were reduced. Harding was concerned about the state of the economy. He believed that the government should work with businesses to increase income. He was actually supporting Associationalism. The Budget and Accounting Act of 1921 was signed by Harding, and it simplified the federal budget system and created the General Accounting Office to audit government spending. Harding was a staunch conservative on most topics concerning the economy and international exchange, and he was eager to make the federal government represent U.S. business interests.

During the sharp deflation of 1920, which lasted about a year, Harding's firm stance helped instil trust among U.S. business interests. During the economic downturn, salaries plummeted, and over 20,000 businesses failed.

Note: Warren Harding's presidency was marked by a pro-business, conservative Republican policy. During Harding's time, Taxes were cut, particularly for businesses and the wealthy; high protective tariffs were enacted; and immigration was limited.