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New York Sales Executive Club Luncheon, New York, NY, September 24, 1968
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4526160
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New York Sales Executive Club Luncheon, New York, NY, September 24, 1968
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Gerald R. Ford Congressional Papers
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The original documents are located in Box D25, folder "New York Sales Executive Club
Luncheon, New York, NY, September 24, 1968" of the Ford Congressional Papers: Press
Secretary and Speech File at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. The Council donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Copies
Mr.
Ford
Office Copy
CONGRESSMAN
NEWS
GERALD R. FORD
HOUSE REPUBLICAN LEADER
RELEASE
--FOR RELEASE IN TUESDAY PM's--
September 24, 1968
Excerpts from a Speech by Rep. Gerald R. Ford, R-Mich., Minority Leader of the
U.S. House of Representatives, at a New York Sales Executives Club luncheon
Tuesday, Sept. 24, 1968, at the Roosevelt Hotel, New York, N.Y.
What is the current political outlook--and how might it affect business?
The most salient political-economic facts right now are the combination of
a federal spending hold-down and the 10 per cent surtax on individual and
corporate income, and the start of one of the most critical presidential election
campaigns in American history.
The surtax did not have a depressing effect on the economy during July and
August. Neither has it yet had a substantial effect on inflationary pressures.
In fact, the consumer price indexes for June and July showed the sharpest
two-month cost-of-living rise in 11 years.
But now there are signs that the consumer may be starting to retrench.
Like the tax increase, the reduction Congress has ordered in the President's
budget has not yet had serious impact. But this also is where you can look
for some slowdown in demand.
And we can expect more of a slowdown when we look ahead to next January,
because that is when Social Security taxes again will be deducted from paychecks--
and at a higher rate than the first part of this year.
My guess is that the combination of the 10 per cent surtax and a resumption
of Social Security withholding at increased rates may well have an adverse impact
on consumer spending and on business generally.
To guard against a possible recession, the Federal Reserve Board recently
relaxed curbs on money and credit. And this probably averted a downturn. The
economy now--in this fall period--is on the upbeat.
But the rapid monetary expansion we have seen may be encouraging a new
spurt of inflation. With costs and prices rising 4 to 6 per cent a year, there
is danger that the inflationary trend will be intensified.
(more)
BERALD R.FORD
Digitized from Box D25 of The Ford Congressional Papers: Press Secretary and Speech File at the Gerald R. Ford Presidential Library
-2-
What about political impact?
If Lyndon Johnson were running for reelection, I would take a different
view of the economic outlook than I do. I would expect the easy money policy
to continue.
Because the President is not a candidate for reelection, I look for a shift
to a less easy money policy in Washington due to the continuing danger of
inflation.
As a result, I believe the economy's growth in the near future will be a
bit slower and probably bumpier--hopefully, with a receding of inflationary
pressures.
This will be a small price to pay if, in the process, we manage to restore
balance to the economy without running into even a mild recession.
***
Who will become the 37th President of the United States next Jan. 20?
The answer to that question means much to American business and to all
Americans.
In my view, both Richard Nixon and Hubert Humphrey can be considered
friendly to business. Yet their business-oriented actions in office would be
sharply different.
Richard Nixon believes in fair and equal treatment for labor and manage-
ment.
He also believes that the federal government--the taxpayers, if you will--
can ill-afford the kind of Marshall Plan for the cities envisaged by Hubert
Humphrey. Instead, Mr. Nixon would place new responsibilities on business
to help solve the problems of the cities. He would persuade businessmen to
enter into a partnership with the federal government in an attack on slummism
and the evils it spawns. And to encourage this new "cities industry," a Nixon
Administration would offer tax credits as an incentive for business and industry
to train and hire the hard-core unemployed, build new plants in the inner city
and build housing that low-income families can afford.
If we are to use government funds to lift up our underprivileged citizens
and ultimately make tax payers out of tax eaters, let's do it in a healthy
way the way that promises to build individual pride, respect and a sense of
independence. The reason most Americans stand so tall among the citizens of
the world is that they have always stood on their own two legs.
# #
CONGRESSMAN
NEWS
GERALD R. FORD
HOUSE REPUBLICAN LEADER
RELEASE
--FOR RELEASE IN TUESDAY PM's--
September 24, 1968
Excerpts from a Speech by Rep. Gerald R. Ford, R-Mich., Minority Leader of the
U.S. House of Representatives, at a New York Sales Executives Club luncheon
Tuesday, Sept. 24, 1968, at the Roosevelt Hotel, New York, N.Y.
What is the current political outlook--and how might it affect business?
The most salient political-economic facts right now are the combination of
a federal spending hold-down and the 10 per cent surtax on individual and
corporate income, and the start of one of the most critical presidential election
campaigns in American history.
The surtax did not have a depressing effect on the economy during July and
August. Neither has it yet had a substantial effect on inflationary pressures.
In fact, the consumer price indexes for June and July showed the sharpest
two-month cost-of-living rise in 11 years.
But now there are signs that the consumer may be starting to retrench.
Like the tax increase, the reduction Congress has ordered in the President's
budget has not yet had serious impact. But this also is where you can look
for some slowdown in demand.
And we can expect more of a slowdown when we look ahead to next January,
because that is when Social Security taxes again will be deducted from paychecks--
and at a higher rate than the first part of this year.
My guess is that the combination of the 10 per cent surtax and a resumption
of Social Security withholding at increased rates may well have an adverse impact
on consumer spending and on business generally.
To guard against a possible recession, the Federal Reserve Board recently
relaxed curbs on money and credit. And this probably averted a downturn. The
economy now--in this fall period--is on the upbeat.
But the rapid monetary expansion we have seen may be encouraging a new
spurt of inflation. With costs and prices rising 4 to 6 per cent a year, there
is danger that the inflationary trend will be intensified.
(more)
GERALD FORD FIBRARY
-2-
What about political impact?
If Lyndon Johnson were running for reelection, I would take a different
view of the economic outlook than I do. I would expect the easy money policy
to continue.
Because the President is not a candidate for reelection, I look for a shift
to a less easy money policy in Washington due to the continuing danger of
inflation.
As a result, I believe the economy's growth in the near future will be a
bit slower and probably bumpier--hopefully, with a receding of inflationary
pressures.
This will be a small price to pay if, in the process, we manage to restore
balance to the economy without running into even a mild recession.
***
Who will become the 37th President of the United States next Jan. 20?
The answer to that question means much to American business. and to all
Americans.
In my view, both Richard Nixon and Hubert Humphrey can be considered
friendly to business. Yet their business-oriented actions in office would be
sharply different.
Richard Nixon believes in fair and equal treatment for labor and manage-
ment.
He also believes that the federal government--the taxpayers, if you will--
can ill-afford the kind of Marshall Plan for the cities envisaged by Hubert
Humphrey. Instead, Mr. Nixon would place new responsibilities on business
to help solve the problems of the cities. He would persuade businessmen to
enter into a partnership with the federal government in an attack on slummism
and the evils it spawns. And to encourage this new "cities industry," a Nixon
Administration would offer tax credits as an incentive for business and industry
to train and hire the hard-core unemployed, build new plants in the inner city
and build housing that low-income families can afford.
If we are to use government funds to lift up our underprivileged citizens
and ultimately make tax payers out of tax eaters, let's do it in a healthy
way the way that promises to build individual pride, respect and a sense of
independence. The reason most Americans stand so tall among the citizens of
the world is that they have always stood on their own two legs.
# # #