ford economy

What economic issue did President Ford fear more than the risk of entering another recession?

He feared the consequences of runaway inflation more than the dangers of economic downturn.

What was the "Whip Inflation Now" (WIN) campaign launched by Ford in 1974?

A public relations campaign that sought to curb inflation by encouraging citizens to voluntarily reduce their spending, though the public was highly skeptical.

By how much did inflation drop during the Ford administration?

Inflation was successfully halved, falling from 12% in 1974 to 6% by 1977.

Why was Ford unhappy with the 1975 Tax Reduction Act passed by the Democrat-controlled Congress?

It implemented larger tax cuts and higher spending increases than he was comfortable with, though he chose not to veto it.

What was the size of the federal budget deficit by 1976, and how did it affect Ford's reputation?

The budget hit a massive $76 billion deficit, tainting Ford with a public reputation for economic recklessness.

How did the US national debt change as a percentage of GDP under Ford's presidency?

The national debt rose from 25% of GDP to 27% of GDP.

What was the economic growth rate in 1976 as the United States recovered from the 1973–1975 recession?

The economy bounced back strongly, growing by 5% in 1976.

What critical energy safety net was created by the 1975 Energy Policy and Conservation Act?

It established the government-controlled Strategic Petroleum Reserve to protect the nation against future foreign oil supply shocks.

How much fuel was the Strategic Petroleum Reserve designed to hold under the 1975 act?

It was designed to store an amount equivalent to 90 days of American oil imports to mitigate future embargoes.