QOTD: Paul Johnson on Warren G. Harding and Recessions

As the U.S. considers a terrifying 2.3% federal budget cut via the “Sequester” next month, I’m reminded of this quote:

[U.S. President Warren G.] Harding inherited an absentee presidency and one of the sharpest recessions in American history.  By July 1921 it was all over and the economy was booming again.  Harding had done nothing except cut government expenditure….

—Paul Johnson, in his book, Modern Times, 1983 & 1991