Calvin Coolidge was the 30th president of the US and served from 1924 till 1929. During his presidency, the US economy grew and unemployment declined. His government followed the policy of laissez-faire and administered lower income tax, cut spending and limited the federal regulation of the economy. Due to these the federal debt and budget deficit shrank and the economy boomed. His approach to the economy is considered to be the cause of the great depression. The prosperity in the 1920s led to the new patterns of consumption and rise in the purchase of consumer goods like radios, cars and beauty products. The credit system allowed people to buy a things which were out of their reach.
