Inaugural addresses have historically been used by incoming or returning Presidents to outline the broad principles by which they intend to govern. With the exception of the federal budget and taxes, the limited reach of early U.S. federal governments meant that, up until the progressive era of the late 19^th century, these speeches contained little mention of economic policies. That, of course, has all changed since FDR and the 1930s. Donald Trump’s 2017 speech had a particularly dark tone for free‐​marketeers, claiming policy should “protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs.” Given the pandemic and his stated policy ambitions, one suspects Joe Biden may outline a whole range of new ways he wants the federal government to intervene in the market economy in his speech today too.

Lest libertarians find these aspects of recent inaugurals depressing, here’s a selection of the greatest libertarian rhetorical hits on economics from past inaugurations. Nobody is pretending the mouths they came from were themselves libertarians, nor did many of them live up to their libertarian words in office. But these speech extracts at least reflect well some of the principles and approaches to economics and the role of the state which we should aspire to.

Principles

“Men and women of the world move toward free markets through the door to prosperity. The people of the world agitate for free expression and free thought through the door to the moral and intellectual satisfactions that only liberty allows. We know what works: Freedom works. We know what’s right: Freedom is right. We know how to secure a more just and prosperous life for man on Earth: through free markets, free speech, free elections, and the exercise of free will unhampered by the state. For the first time in this century, for the first time in perhaps all history, man does not have to invent a system by which to live. We don’t have to talk late into the night about which form of government is better.” George H. Bush, 1989

“Still one thing more, fellow‐​citizens — a wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government, and this is necessary to close the circle of our felicities….peace, commerce, and honest friendship with all nations, entangling alliances with none.” Thomas Jefferson, 1801

“Freedom can never yield its fullness of blessings so long as the law or its administration places the smallest obstacle in the pathway of any virtuous citizen.” James Garfield, 1881

“The economic ills we suffer have come upon us over several decades. They will not go away in days, weeks, or months, but they will go away. They will go away because we, as Americans, have the capacity now, as we have had in the past, to do whatever needs to be done to preserve this last and greatest bastion of freedom. In this present crisis, government is not the solution to our problem; government is the problem. From time to time, we have been tempted to believe that society has become too complex to be managed by self‐​rule, that government by an elite group is superior to government for, by, and of the people. But if no one among us is capable of governing himself, then who among us has the capacity to govern someone else?” Ronald Reagan, 1981

On openness and progress

“But our growth has not been limited to territory, population and aggregate wealth, marvelous as it has been in each of those directions. The masses of our people are better fed, clothed, and housed than their fathers were. The facilities for popular education have been vastly enlarged and more generally diffused.” Benjamin Harrison, 1889.

“Under the benign influence of our republic institutions, and the maintenance of peace with all nations whilst so many of them were engaged in bloody and wasteful wars, the fruits of a just policy were enjoyed in an unrivaled growth of our faculties and resources. Proofs of this were seen in the improvement of agriculture, in the successful enterprises of commerce, in the progress of manufacturers and useful arts, in the increase of the public revenue and the use made of it in reducing the public debt, and in the valuable works and establishments everywhere multiplying over the face of our land.” James Madison, 1809

“We…shall secure homes for our children and our children’s children, as well as for those exiles from foreign shores who may seek in this country to improve their condition and to enjoy the blessings of civil and religious liberty. Such emigrants have done much to promote the growth and prosperity of our country. They have proved faithful both in peace and in war. After becoming citizens they are entitled, under the Constitution and laws, to be placed on perfect equality with native‐​born citizens, and in this character they should ever be kindly recognized.” James Buchanan, 1857

“Wealth is not inimical to welfare; it ought to be its friendliest agency. There never can be equality of rewards or possessions so long as the human plan contains varied talents and differing degrees of industry and thrift, but ours ought to be a country free from the great blotches of distressed poverty.” Warren Harding, 1921

“When George Washington first took the oath I have just sworn to uphold, news traveled slowly across the land by horseback and across the ocean by boat. Now, the sights and sounds of this ceremony are broadcast instantaneously to billions around the world. Communications and commerce are global; investment is mobile; technology is almost magical; and ambition for a better life is now universal. We earn our livelihood in peaceful competition with people all across the earth.” Bill Clinton, 1993

On the case for small and focused government

“Not only those who are now making their tax returns, but those who meet the enhanced cost of existence in their monthly bills, know by hard experience what this great burden is and what it does. No matter what others may want, these people want a drastic economy. They are opposed to waste. They know that extravagance lengthens the hours and diminishes the rewards of their labor. I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical form.” Calvin Coolidge, 1925

“Under our scheme of government the waste of public money is a crime against the citizen, and the contempt of our people for economy and frugality in their personal affairs deplorably saps the strength and sturdiness of our national character. It is a plain dictate of honesty and good government that public expenditures should be limited by public necessity, and that this should be measured by the rules of strict economy; and it is equally clear that frugality among the people is the best guaranty of a contented and strong support of free institutions.” Grover Cleveland, 1893

“We must never again abuse the trust of working men and women, by sending their earnings on a futile chase after the spiraling demands of the Federal Establishment.” Ronald Reagan, 1985

“The collection of any taxes which are not absolutely required, which do not beyond reasonable doubt contribute to the public welfare, is only a species of legalized larceny. Under this republic the rewards of industry belong to those who earn them. The only constitutional tax is the tax which ministers to public necessity. The property of the country belongs to the people of the country. Their title is absolute. They do not support any privileged class; they do not need to maintain great military forces; they ought not to be burdened with a great array of public employees.” Calvin Coolidge, 1925

“The method of raising revenue ought not to impede the transaction of business; it ought to encourage it. I am opposed to extremely high rates, because they produce little or no revenue, because they are bad for the country, and, finally, because they are wrong. We cannot finance the country, we cannot improve social conditions, through any system of injustice, even if we attempt to inflict it upon the rich. Those who suffer the most harm will be the poor. This country believes in prosperity. It is absurd to suppose that it is envious of those who are already prosperous. The wise and correct course to follow in taxation and all other economic legislation is not to destroy those who have already secured success but to create conditions under which everyone will have a better chance to be successful.” Calvin Coolidge, 1925

On protectionism

“If in lifting burdens from the daily life of our people we reduce inordinate and unequal advantages too long enjoyed, this is but a necessary incident of our return to right and justice….When we tear aside the delusions and misconceptions which have blinded our countrymen to their condition under vicious tariff laws, we but show them how far they have been led away from the paths of contentment and prosperity. When we proclaim that the necessity for revenue to support the Government furnishes the only justification for taxing the people, we announce a truth so plain that its denial would seem to indicate the extent to which judgment may be influenced by familiarity with perversions of the taxing power. And when we seek to reinstate the self‐​confidence and business enterprise of our citizens by discrediting an abject dependence upon governmental favor, we strive to stimulate those elements of American character which support the hope of American achievement.” Grover Cleveland, 1893

“In executing this power by levying a tariff of duties for the support of Government, the raising of revenue should be the object and protection the incident. To reverse this principle and make protection the object and revenue the incident would be to inflict manifest injustice upon all other than the protected interests.” James Polk, 1845

“A high tariff can never be permanent. It will cause dissatisfaction, and will be changed. It excludes competition, and thereby invites the investment of capital in manufactures to such excess that when changed it brings distress, bankruptcy, and ruin upon all who have been misled by its faithless protection.” Millard Fillmore, 1850

On policy favoritism

“it would seem to me that the spirit of equity, caution and compromise in which the Constitution was formed requires that the great interests of agriculture, commerce, and manufactures should be equally favored” Andrew Jackson, 1829

“Any policy which shall tend to favor monopolies or the peculiar interests of section or classes must operate to the prejudice of the interest of their fellow‐​citizens, and should be avoided.” James Polk, 1845

“The lessons of paternalism ought to be unlearned and the better lesson taught that while the people should patriotically and cheerfully support their Government its functions do not include the support of the people. The acceptance of this principle leads to a refusal of bounties and subsidies, which burden the labor and thrift of a portion of our citizens to aid ill‐​advised or languishing enterprises in which they have no concern.” Grover Cleveland, 1893

“The solutions we seek must be equitable, with no one group singled out to pay a higher price.

We hear much of special interest groups. Our concern must be for a special interest group that has been too long neglected. It knows no sectional boundaries or ethnic and racial divisions, and it crosses political party lines. It is made up of men and women who raise our food, patrol our streets, man our mines and our factories, teach our children, keep our homes, and heal us when we are sick–professionals, industrialists, shopkeepers, clerks, cabbies, and truckdrivers. They are, in short, “We the people,” this breed called Americans. Well, this administration’s objective will be a healthy, vigorous, growing economy that provides equal opportunity for all Americans, with no barriers born of bigotry or discrimination.” Ronald Reagan, 1981

On the dangers of populists

“…as long as the love of power is a dominant passion of the human bosom, and as long as the understandings of men can be warped and their affections changed by operations upon their passions and prejudices, so long will the liberties of a people depend on their own constant attention to its preservation. The danger to all well‐​established free governments arises from the unwillingness of the people to believe in its existence or from the influence of designing men diverting their attention from the quarter whence it approaches to a source from which it can never come. This is the old trick of those who would usurp the government of their country. In the name of democracy they speak, warning the people against the influence of wealth and the danger of aristocracy.” William Harrison, 1841