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{
    "localId": "4525521",
    "label": "Ford Press Releases - Congress, 1965-1966",
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    "id": "4525521",
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    "contentType": "document",
    "title": "Ford Press Releases - Congress, 1965-1966",
    "citationUrl": "https://catalog.archives.gov/id/4525521",
    "collections": [
        "Gerald R. Ford Congressional Papers",
        "Press Releases Subject Files"
    ],
    "subjects": [
        "U.S. House of Representatives. (03/04/1789 - )",
        "House Republican Policy Committee (U.S.)",
        "U.S. Congress. (1789 - )",
        "Legislation"
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        "logicalDate": "1966-11-01",
        "month": 11,
        "year": 1966
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{
    "seq": 49,
    "pageIndex": 0,
    "type": "photo",
    "url": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/ford/grf-0054/642076/4525521/4525521_Page_50.jpg",
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    "ocrText": "4.\nHelping College Students\nOne of the most successful programs designed to help students complete their\ncollege education is the Student Loun Program of the National Defense Education Act\nof 1958. Under this Republican-sponsored legislation, more than 968,000 students\nhave borrowed $834 million.\nThis year, the very existence of this vital program was threatened by the\nJohnson-lumphrey Administration's recommendation that the program of direct loans\nto students by participating colleges be scaled back and finally terminated in\nfavor of insured loans. Sensing that this course of action would be disastrous for\nthe many students who depend upon the loans, the Republican Members of Congress\ninsisted that the Student Loan Program be fully funded. Over the continued\nopposition of the Administration, this was done. As a result, nearly half-a-millior\nstudents at 1,600 colleges and universities will be able to obtain loans and\n$179 million in federal funds will be allocated to the participating institutions\nfor this purpose.\nThe wisdom of the Republican efforts on behalf of the student loan program has\nbeen underlined by recent events. One of the first casualties of the Johnson\ninflation and soaring interest rates was bank-made student loans. In many areas,\nbanks have stopped accepting applications for government-backed student loans.\nThe\n6 percent interest rate on a student loan is no longer attractive when banks can\ncharge their best credit risks 6 percent for short-term loans. If the Administra-\ntion's attempt to sabotage the student loan program had not been blocked, many\nstudents today would be out of money, out of luck, and out of school.\nIncreasing Social Security Benefits\nRepublican Members of Congress have demanded that Social Security benefits\nshould be increased now, not in January 1968 as belatedly proposed by President\nJohnson. This would have been the case if the Democratic majority in Congress had\nacted upon a Republican proposal that would have provided an automatic increase in\nbenefits whenever there is a stated increase in the consumer price index.\nGreat Society spending, and the accompanying budget deficits, and certain labor\nsettlements have spiraled living costs to a point where elderly citizens are hard-\npressed to make ends meet. There are nearly 40 million retired Americans who do\nnot enjoy the benefit of rising wages and income to cope with rising prices. They\nare painfully aware that the purchasing power of our currency has eroded so that\nthe 1957-59 dollar is today worth 88 cents and the 1940 dollar is worth only\n43 cents.\nThe Republican proposal would have provided an across-the-board 8 percent average\nincrease in benefits effective January 1, 1967 for approximately 22 million elderly\npersons eligible for Social Security payments. It would have been financed from\nthe Social Security fund reserves without raising the Social Security tax rate or\nthe annual earnings base on which it is levied. The entire House Republican\nmembership urged Congress to stay in session until a benefits increase could be\nworked out. Unfortunately, our pleas on behalf of the people hurt the most by\ninflation, were not heeded by the Democratic majority.\n(more)"
}