Independence Day marks the birthday of President Calvin Coolidge—“Silent Cal,” the man who said little but governed wisely. At a time when political performance too often substitutes for policy substance, Coolidge remains a vital reminder that fiscal discipline, limited government, and personal responsibility are not outdated relics—they are enduring necessities.
In an era when every politician feels compelled to talk more and do more, Coolidge stood for something radical: restraint, discipline, and the audacity to stay focused. As president, he didn’t chase headlines; he chased balance sheets. He believed government works best when it does only what it should, and does it well. That idea may sound quaint today, but it’s never been more relevant.
Coolidge was a native New Englander, born just across the state line in Plymouth Notch, Vermont. But his philosophy fit New Hampshire like a glove: low taxes, efficient government, and respect for private enterprise and personal liberty. He governed like a man who had actually read a budget—and respected it. As New Hampshire’s insurance commissioner, I see every day how those principles aren’t just relevant—they’re essential.
Coolidge pulled off one of the most remarkable fiscal feats in American history. He slashed the top income tax rate from 73 percent to 25 percent—and no, it didn’t bankrupt the Treasury. Quite the opposite: revenues increased by 61 percent. That’s what happens when government steps aside and lets the economy breathe. He cut federal spending by more than a third and reduced the national debt from $22.3 billion to $16.9 billion. And he did it all without fanfare.
He vetoed over 50 bills—many of them popular—because he believed government had no business doing what private citizens or markets could do better. That wasn’t austerity. It was humility.
This wasn’t just sound economics. As Nobel laureate Milton Friedman later affirmed, it was sound morality. Government can’t create prosperity—it can only protect the conditions in which prosperity grows: the rule of law, stable currency, and minimal interference. Coolidge governed with a moral seriousness that’s rare in any age.
These lessons apply directly to insurance regulation. At first glance, Coolidge and insurance might seem worlds apart. But look closer: just as government shouldn’t distort markets, regulators must avoid distorting the competitive dynamics of insurance with heavy-handed mandates, rate interference, or needless bureaucracy.
Coolidge understood the danger of government trying to engineer outcomes instead of upholding fairness. That’s a message we regulators should take to heart. We are not central planners. We’re referees, not quarterbacks. Our job isn’t to pick winners and losers—it’s to ensure the field is level, the books are honest, and the rules don’t change at halftime.
Coolidge would urge us to resist paternalism—the impulse to protect people from every risk. Instead, we should inform consumers, enforce the rule of law, guard against fraud and insolvency, and then trust individuals to make the best decisions for themselves, their families, and their businesses. If we want citizens to act responsibly, we must give them the freedom to do so.
He’d also insist on spending discipline. Coolidge ran the federal government the way most families run a household: with a sharp eye on every dollar and deep suspicion of the word “surplus.” At our department, we strive to apply that same ethic—efficient operations, conservative budgeting, and minimal assessments on the industry. The best feedback we can get is that nobody noticed how smoothly things were running.
Most importantly, Coolidge would respect actuarial soundness not merely as a technical necessity but as a moral obligation. He would expect us to uphold financial integrity, including on issues like mental health parity, where moral imperatives must be matched by economic sustainability. Justice without fiscal grounding is noble but fleeting. Lasting change requires both.
Here in New Hampshire, we’re proud of our reputation as one of the most market-friendly insurance environments in the nation. We trust competition. We value transparency. We protect consumers, but we don’t micromanage markets. The result: some of the lowest, if not the lowest, premiums in the nation. That’s not just Coolidge policy. That’s smart policy.
Coolidge once said, “The business of America is business.” It wasn’t a crass slogan—it was a statement of faith in free people, free markets, and a limited government that knows its role and plays it well.
As we remember President Coolidge, let’s remember that restraint is not weakness. It’s wisdom. It’s the quiet courage to do what’s right, even when it’s unpopular—or worse, unexciting. In insurance, that means building systems that are stable, transparent, and accountable—where people thrive not because we guarantee outcomes, but because we guarantee fairness.
Here in the Granite State, under Gov. Kelly Ayotte’s wise leadership, we still believe in that kind of governance. And on this occasion, it’s worth remembering that sometimes the best leadership doesn’t shout, doesn’t meddle, and doesn’t overspend. Sometimes, the wisest policy is to do less and do it better.
May that spirit continue to guide us.
