NOTE: Free essay sample provided on this page should be used for references or sample purposes only. The sample essay is available to anyone, so any direct quoting without mentioning the source will be considered plagiarism by schools, colleges and universities that use plagiarism detection software. To get a completely brand-new, plagiarism-free essay, please use our essay writing service.
One click instant price quote
Economic Policies of Gerald Ford In 1974, there was a large rise in oil prices which gave a large amount of purchasing power to the oil-producing companies. Inflation, strong demands for credit, and the unwillingness of the monetary authorities to underwrite a continued acceleration of inflation drove interest rates upward, causing a slump in housing. (The Economic Report of the President 1975) Another weakening effect of the higher and variable rate of inflation was how uncertain the nation was regarding future rates of price increase. When 1975 began, the unemployment rate was at the highest level it had been in seventeen years. Production and unemployment were declining very fast. To increase business and industry and to create new jobs, Ford proposed a one year tax reduction of $ 16 billion.
He said that three-quarters would go to individuals and one-quarter would be used to promote business investment. Ford said in his 1975 State of the Union Address that cutting taxes now is essential if we are to turn the economy around. He also proposed a program that he said would begin to restore our country s surplus capacity in total energy. In this way we will be able to assure ourselves reliable and adequate energy and help foster a new world energy stability for other major consuming nations.
In 1976, the unemployment rate had declined by one percentage point, but it was still too high and must be reduced further. There was a 3. 2 percent increase in employment in 1976. Real gross national product (GNP) rose by 6. 2 percent, and employment rose by almost 3 million people. In President Ford s 1976 State of the Union Address, he asked for additional housing assistance for 500, 000 families. He felt that those programs would expand housing opportunities, stimulate construction, and help to house moderate-income and low-income families. Ford proposed tax changes to encourage people to invest in America s future, that would give moderate-income families income tax benefits if they make long-term investments in common stock in American companies.
In 1977, President Ford proposed a permanent tax cut for individuals and corporations which would reduce tax debt by about $ 12. 5 billion in 1977. Ten billion dollars of that would go to individuals in the form of higher percentage exemptions, an increase in the low-income allowance, and lower tax rates. (The Economic Report of the President 1977) The remaining $ 2. 5 billion would go to corporations in the form of a 2 percentage point reduction in the corporate income tax rate. In 1977, Ford also recommended an energy program which stresses expanded domestic energy production and increased utilization of our most abundant resources, particularly coal. Higher prices for oil in the short run would reduce the relative share of imported oil and gas in total energy consumption.
Free research essays on topics related to: unemployment rate, income families, percentage point, income tax, state of the union
Research essay sample on State Of The Union Income Families
