Comments on: Andrew Mellon: The Entrepreneur as Politician

By: pdmdob

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By: Thomas Sullivan

Thomas Sullivan — Tue, 29 Mar 2011 16:58:38 +0000

Mellon’s (Coolidge’s) tax cuts began in 1923, and by 1929 had increased revenues from the income tax by 39%. Unemployment also fell from 8.7% in 1921 to about 4.7% in 1929 (according to “Historical Statistics of the United States”), a nice side effect and tailwind.

This tax cut is very important historically, in contrast to failed “progressive” punative tax policies. A very complete examination, with tables of data, would probably confirm that non-confiscatory rates raise more revenue than high rates. Conservatives ought to create complete statistics for all four income tax reductions – Coolidge, Kennedy, Reagan and Bush.

By: P.M.Lawrence

P.M.Lawrence — Mon, 12 Jan 2009 03:31:06 +0000

“Hoover ultimately appointed Mellon as ambassador to England” and “…his plan was not merely extending credit to England… preventing the gold inflow from England…”

These are wrong. It was the whole of the UK, not just England.

By: Chris

Chris — Sat, 03 Jan 2009 00:55:39 +0000

Although this article is interesting and presents Mellon in a positive light we must not forget his constant support of inflationary monetary policy; mainly during the 1920s to extend seemingly endless credit to England in order to prop up the pound-sterling at an overvalued par with gold. This plan was not merely extending credit to England either as it involved inflating to drive up American prices and to assist in preventing the gold inflow from England as well. Mellon advocated lowering rates and providing cheap money to keep inflating the stock market in the late 1920s as well – we all know how that ended.