Jim Powell writes here about one of the most unfairly maligned presidents and how he managed to get the country out of a sharp recession in 1921.

The formula? Cut taxes, reduce federal spending, and otherwise allow people the freedom to make the economic adjustments that need to be made. Harding was no scholar, but he had the good sense to understand that the only good course for the federal government to take was to get out of the way of the marketplace adjustments that had to take place.