Tomorrow, August 2, is the 100th anniversary of the swearing-in of Calvin Coolidge as president. Now, I know most of you are not exactly shaking down your spine all the way into your socks at hearing this news, but among supply-siders like me, Coolidge is a hero — as was Warren Harding, who was elected in 1920 and died in 1923.

Why do we venerate Harding and Coolidge? Because they cut tax rates repeatedly — to 25 percent from roughly 80 percent — and launched the Roaring Twenties, when for nearly a decade the American economy grew at 5 percent or better after coming out of the depression of 1920-21. The Dow Jones rose 500 percent. 

Incidentally, not only did the Roaring Twenties occur after a vicious depression, but they followed the awful Spanish flu pandemic of 1918-19, and of course World War I, which raged between 1914 and 1918. The famed Harding-Coolidge tax cuts were driven by the Treasury secretary, Andrew W. Mellon, the world-famous entrepreneur and banker of Pittsburgh.  

The Roaring Twenties were not only a phenomenal economic success, they were also one of the greatest periods of American ingenuity, inventiveness, and technological advance. Also, it was a fabulous period of art and literature. Remember F. Scott Fitzgerald, Ernest Hemingway, and Thomas Wolfe? 

Finally, while Harding, Coolidge, and Mellon were slashing tax rates, tax revenues soared. Really, it was the first modern manifestation of the Laffer curve.  

So, pardon me for injecting this wonderful, fabulous, optimistic, economically brilliant period of American history before we descend back into political scandals. Just saying: Keep the faith. Faith is the spirit.   

From Mr. Kudlow’s broadcast on Fox Business News.