How Gerald Ford Tried to Fight Inflation

How Gerald Ford Tried to Fight Inflation

By Fred Frommer

Just two months after becoming president and one month after pardoning Richard Nixon in the wake of the Watergate scandal, President Gerald Ford turned to another challenge facing the country: high inflation.

The Republican president’s solution, unveiled in an October 8, 1974 speech to Congress, was Whip Inflation Now, or WIN—an enthusiastic can-do White House effort. 

The program called for businesses to maintain or reduce prices and for citizens to do their part by spending less and conserving energy. It also included a host of proposed policy changes aimed at getting inflation under control, such as a temporary 5 percent tax surcharge on corporations and high-income individuals, and a goal of reducing oil imports by 1 million barrels a day in response to high “cartel prices.”

Source: History.

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