In 1920, Warren Harding became President with Calvin Coolidge as Vice-President. He inherited a recession following WW I, but took measures to end it quickly. Deemed a Laissez Faire style leader, President Harding dramatically reduced government spending and lowered taxes. This was followed by an unprecedented period of prosperity for the United States. President Harding died in 1923 and Coolidge became the next President. Continuing with the policies of Harding, Coolidge ran in 1924 and was re-elected by a large margin. In 1928, Coolidge declined to run and Herbert Hoover became the next President. Blamed for what would later be called the Great Depression, in 1932 President Hoover was defeated by Democratic nominee Franklin D. Roosevelt. It would be twenty years before another Republican, Dwight D. Eisenhower, would sit in the White House.