In this episode of ITR Live, host Chris Hagenow and regular guest John Hendrickson welcome Amity Shlaes, a distinguished historian and leading expert on economic history. The conversation delves into the enduring significance of Presidents Calvin Coolidge and Warren Harding, exploring their relevance in today’s political and economic landscape. Shlaes highlights the fiscal conservatism that defined their administrations, emphasizing the importance of limited government, balanced budgets, and economic growth. The discussion underscores how their leadership, particularly through the 1920 Republican platform, navigated the country out of debt and uncertainty following World War I. A key figure in this historical narrative is Andrew Mellon, Treasury Secretary under Harding and Coolidge. Shlaes explains Mellon’s innovative tax policies, which demonstrated how lowering tax rates could stimulate economic activity, ultimately increasing government revenue—a principle echoed in modern conservative fiscal policy. Mellon’s technical expertise in managing the national debt and his clear communication with the public earned him the trust necessary to implement bold financial reforms. The episode also addresses the challenges of promoting fiscal responsibility in modern politics. Hagenow and Shlaes discuss how the federal government’s current debt crisis parallels the 1920s, underscoring the need for trust in leadership. Coolidge’s honesty and transparency, as well as his ability to clearly articulate the benefits of fiscal restraint, are presented as a model for today’s leaders. At the state level, the conversation celebrates Iowa’s fiscal discipline under Governor Kim Reynolds, showcasing how states can lead by example in responsible governance. Shlaes notes that states, unlike the federal government, must balance their budgets, and their competitive nature can drive innovation and fiscal responsibility. The discussion also contrasts conservative and progressive economic philosophies, particularly around the legacy of the New Deal. Shlaes critiques the New Deal’s long-term impact, arguing that its policies did not achieve the recovery often attributed to them. Instead, she emphasizes the importance of evidence-based policymaking and the role of states in fostering economic growth. Listeners are encouraged to explore the work of the Calvin Coolidge Presidential Foundation, which aims to educate future generations on the value of fiscal conservatism. The foundation’s scholarship program provides a full ride to any college and introduces students to Coolidge’s principles, emphasizing that Americans have a deep-seated capacity for responsibility and good governance. This episode offers a thought-provoking exploration of how lessons from the past can guide modern policy, highlighting the relevance of historical fiscal strategies in addressing contemporary economic challenges.