Tarring the Twenties?

In the third and final presidential debate, president Obama had a good laugh at Mitt Romney’s expense when he pointed out that while it may be true that the U.S. Navy is poised to have the smallest fleet size since 1914, the U.S. “also has less horses and bajonets.” Never mind that the U.S. has to project its power globally today, relying on the Navy for much of that job. In another scripted quip, the president stated that many of Romney’s foreign policy concepts recalled the 1980s, just as his social policy concepts were a throwback to the 1950s and his economic policies to the 1920s.

Fans of Calvin Coolidge are justly proud of his (as well as his predecessor Warren Harding’s, and Treasury Secretary Andrew Mellon’s) economic record during the 1920s, and I’m pleased to direct readers’ attention to a fine retort by Amity Shlaes in her Bloomberg column, where she gives a point-by-point rebuttal to the president’s attempt to tar the Twenties. I suppose the 1950s and 1980s will have to find their own defenders!

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