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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 housingThe 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 countrys 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 32 percent increase in employment in 1976 Real gross national product GNP rose by 62 percent and employment rose by almost 3 million people In President Fords 1976 State of the Union Address he asked for additional housing assistance for
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