With the end of year 1919, a slow decade came to a conclusion, and the beginning of the roaring twenties arose. What really kickstarted this pro-business decade was a change in executive political ideology. The 1920 presidential election changed the political realm and brought a 'return to normalcy' as promised by Warren Harding’s campaign slogan. After eight consecutive years of having President Woodrow Wilson and his progressive agenda, the country voted into office a conservative Republican. Following his landslide election victory, President Harding went right to work on creating a better economy. This was done by passing the Budget and Accounting Act of 1921. In this piece of legislation, the Bureau of the Budget was formed. Harding appointed Charles Dawes as the Bureau’s first Director. During the same year, the Revenue Act of 1921 was passed and reduced corporate and individual taxes. Though not many Americans went from being poor to becoming rich, a great deal of upward mobility was found throughout the decade.
Sources
"Budget and Accounting Act of 1921." Budget and Accounting Act of 1921. Library of Congress. Web. 20 Apr. 2014. <http://memory.loc.gov/ammem/amrlhtml/dtbudact.html>.
Lamoreaux, Naomi R. Entrepreneurship in the United States, 1865-1920.UCLA. UCLA Department of Economics. Web. 20 Apr. 2014. <http://www.econ.ucla.edu/people/papers/Lamoreaux/Lamoreaux470.pdf>.
"The Statutes at Large of the United States of America." Constitution Organization. Constitution Society. Web. 19 Apr. 2014. <http://www.constitution.org/uslaw/sal/042_itax.pdf>.
Picture Source
http://www.rarenewspapers.com/view/573133
Sources
"Budget and Accounting Act of 1921." Budget and Accounting Act of 1921. Library of Congress. Web. 20 Apr. 2014. <http://memory.loc.gov/ammem/amrlhtml/dtbudact.html>.
Lamoreaux, Naomi R. Entrepreneurship in the United States, 1865-1920.UCLA. UCLA Department of Economics. Web. 20 Apr. 2014. <http://www.econ.ucla.edu/people/papers/Lamoreaux/Lamoreaux470.pdf>.
"The Statutes at Large of the United States of America." Constitution Organization. Constitution Society. Web. 19 Apr. 2014. <http://www.constitution.org/uslaw/sal/042_itax.pdf>.
Picture Source
http://www.rarenewspapers.com/view/573133