The difference between recession and depression is simple. Recession, goes the saying, is when you lose your job; depression is when I lose mine.

Today we care about budgets more than anything. Our American future hangs on the ability of government to cut budget.

In a way, Calvin Coolidge is better than Reagan. His tax rates were lower, and he cut budgets.

If Coolidge were a stock, he'd be a buy. The experts have historically ranked Coolidge in the bottom quartile or bottom half of all presidents. But his economic performance and his statesmanship suggest Coolidge belongs in the top quarter of presidents. The disparity between the Coolidge price and Coolidge value is huge. So revision is warranted.

Coolidge was a pragmatist. He didn't start out with a tax theory. But he observed over time that lower tax rates sometimes brought in extra revenue. The success of his and Treasury Secretary Andrew Mellon's experiment with rate cuts has been obscured by our modern history books.

Coolidge was a federalist. You go back and read him and it's almost intimidating to write about him because he writes better himself than anyone. He's one of the best writers as presidents go.

The 1920s are the decade that signaled the arrival of a gift that still means a lot to us: Saturday.