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 …
showed first 75 words of 443 total

showed last 75 words of 443 total
…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.