Changes

[[Image:Ford1976.JPG|left|thumb|250px|President Ford at work in the Oval Office, 08/12/76]] Ford's vision for America were grounded in conservative principles that emphasized fiscal responsibility, decreased federal involvement in the economy, lower taxes, and long-term sustainable growth with low inflation. Rampant inflation was the economic terror of the 1970s, and its reduction was Ford's overriding domestic priority. But growth rates were also low—the combination was new and unexpected and was called "stagflation."  Mus of the problem came from international economic trends, as oil prices skyrocketed and Japanese and German imports for the first time became major threats to American factories.  

[[Image:Ford1976.JPG|left|thumb|250px|President Ford at work in the Oval Office, 08/12/76]] Ford's vision for America were grounded in conservative principles that emphasized fiscal responsibility, decreased federal involvement in the economy, lower taxes, and long-term sustainable growth with low inflation. Rampant inflation was the economic terror of the 1970s, and its reduction was Ford's overriding domestic priority. But growth rates were also low—the combination was new and unexpected and was called "stagflation."  Mus of the problem came from international economic trends, as oil prices skyrocketed and Japanese and German imports for the first time became major threats to American factories.  

Ford's favored means for combating inflation was the conservative stand-by: a combination of fiscal austerity and a tight federal monetary policy. He attacked the heavily Democratic 94th Congress for wasteful spending, and 66 times wielded the presidential veto to kill costly congressional bills.  His refusal to help New York City's financial crisis was briefly popular in the hinterland.<ref>Yanek Mieczkowski, ''Gerald Ford And The Challenges Of The 1970s'' (2005).</ref>  

Ford's favored means for combating inflation was the conservative stand-by: a combination of fiscal [[Ascesis|austerity]] and a tight federal monetary policy. He attacked the heavily Democratic 94th Congress for wasteful spending, and 66 times wielded the presidential veto to kill costly congressional bills.  His refusal to help New York City's financial crisis was briefly popular in the hinterland.<ref>Yanek Mieczkowski, ''Gerald Ford And The Challenges Of The 1970s'' (2005).</ref>  

The weak economy was a major concern during the Ford administration. Inflation was in the double digits, unemployment was rising and the gross domestic product was in decline.<ref>Henry F. Graff, "Gerald R. Ford," ''The Presidents, P. 538</ref> Ford proposed a tight lid of $300 billion on the federal budget and asked for a $5 billion surtax (additional income tax) on corporations and families in the higher income bracket. These were part of his "whip inflation now" (WIN) program; they proved ineffective.   

The weak economy was a major concern during the Ford administration. Inflation was in the double digits, unemployment was rising and the gross domestic product was in decline.<ref>Henry F. Graff, "Gerald R. Ford," ''The Presidents, P. 538</ref> Ford proposed a tight lid of $300 billion on the federal budget and asked for a $5 billion surtax (additional income tax) on corporations and families in the higher income bracket. These were part of his "whip inflation now" (WIN) program; they proved ineffective.