With the federal debt spiraling out of control, many Americans sense an urgent need to find a political leader who is able to say "no" to spending. Yet, they fear that finding such a leader is impossible. Conservatives long for another Ronald Reagan, but is Reagan the right model? He was, of course, a tax cutter, reducing the top marginal rate from 70% to 28%, but his tax cuts-which vindicated supply-side economics by vastly increasing Federal revenue-were bought partly through a bargain with Democrats, who were eager to spend that revenue. Moreover, Reagan was no budget cutter-indeed, the Federal budget rose by more than one-third during his Administration. An alternative model for conservatives is Calvin Coolidge. President from 1923-29, Coolidge sustained a budget surplus and left office with a smaller budget than the one he inherited. Over the same period, the U.S. experienced a proliferation of jobs, a dramatic increase in the standard of living, higher wages, and three to four percent annual economic growth-and the key to this was Coolidge's penchant for saying "no." If Reagan was the Great Communicator, Coolidge was the Great Refrainer.
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