Warren Harding cut the federal budget 48% from 1920 to 1922 leading to a booming economy. When Harding started his budget cutting ,America was in depression. President Coolidge continued the fiscal prudence. Coolidge's 1928 budget was smaller than the 1922 budget , the year Harding died! Nine years in row of budget surpluses . No comment on any this from the "historically" challenged Paul Krugman.