Calvin Coolidge was the 30th President of the United States, and the last President to institute meaningful budget cuts. He was also the last U.S. President to truly understand federalism and succeed at restoring it, to a great degree.
Under Woodrow Wilson, and with his ill-advised entry into World War I, the personal income tax rate had peaked at 77% by the end of the 19-teens, and the federal budget well exceeded 12% of GDP.
Warren Harding and Calvin Coolidge (but mostly the latter) managed to reduce the tax rate to 25%, while reining in spending to a maximum of 5% of GDP (just over $3 billion per year. Yes, that was the entire Federal budget.)
And all of these reductions were done in less than a decade. Impossible, you say? But it actually happened.
And it can happen again, without Washington, DC. Enter: The Coolidge Project.
“There is no dignity quite so impressive, and no independence quite so important, as living within your means.”