I strongly disagree. By the time Harding and, later, Coolidge rose to power, the 'RAT party had been thoroughly discredited under the bankrupt "leadership" of Woodrow Wilson (and his colleague, the despicable William Jennings Bryan). The DemonKKKrats were headed to the fate of the Whigs, at best a rump party.
In fact, I'll go so far as to say that the two remaining political parties would have both been Conservative, perhaps a northern-based GOP and a Southern/midwestern coalition Republican brand. In such a scenario, which I consider plausible, liberalism would have withered and died in these United States.
President Coolidge was a notorious spendthrift. He absolutely hated spending any money; either ours in taxes or any of his own. He was also known as Silent Cal, never saying much of anything anywhere at anytime if he could help it. Famously a woman had come up to him and stated that she bet her friend that she could get him to say more than two words to her. His answer? “You lose”.
The left would not have surrendered. They would have started over their march through the institutions. No matter how long it took. Even if thoroughly discredited (fall of USSR) they don’t stop.
Someone posted an article from 1918 that described the left perfectly and their threat to America. It was prescient to a scary degree.