Harding does get a bad rap from the historians, as do most of the presidents who don't"do anything," i.e., start wars or vast new social programs. A few years back, Harding made the list in Nathan Miller's book Star-Spangled Men: America's Ten Worst Presidents. Here's an excerpt from my review :of that book in the Freeman:

Warren G. Harding receives the most undeservedly rough treatment of any president examined. From a classical liberal perspective, Harding was arguably the greatest president of the twentieth century. He initiated the largest spending cut in history—a 40 percent reduction from Wilson’s last peacetime budget. And Harding’s good nature and liberal instincts led him to overrule his political advisers and pardon Socialist presidential candidate Eugene Debs. Debs had been jailed during Wilson’s jihad against opponents of World War I, but Harding turned him and other dissenters loose; “I want [Debs] to eat his Christmas dinner with his wife,” he said. The scandals surrounding Harding’s administration push him near the top of Miller’s hit list. But, as Miller notes, he never took “so much as a nickel” from any of his corrupt cronies.