Word: tariff
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...matter. To avoid what he called "a time-wasting test of strength," the President made a deal with the Democrats in which they agreed not to try to override his veto of legislation that would have postponed for 90 days his three-stage, $3-per-bbl. hike in the tariff on imported oil. In exchange, Ford postponed for 60 days two-thirds of the increase-halting the $1 that took effect on March 1 and putting off the $1 scheduled for April 1. Still in effect is the $1 that has cost oil importers an estimated $ 160 million since...
...Refunds. Thus Ford and the Democrats agreed that, as the President put it in his message accompanying the tariff-postponement veto, "the most important business before us-after 50 days of debate-is still the economic stimulant that could be provided by income tax refunds." That judgment was reinforced when the Labor Department reported that an additional 540,000 workers, most of them in manufacturing industries, were out of jobs in February (see ECONOMY & BUSINESS). To help ease the jobless situation, Ford urged Congress last week to appropriate slightly more than $2 billion for 760,000 additional summer jobs...
...understanding of the relationship among economic variables and the subtler ways in which they influence one another. In particular, such training should enable the student to analyze the role of incentives in influencing the behavior of individuals and institutions, whether the incentives take the form of taxes, interest rates, tariff barriers, profits, licensing arrangements, or public subsidies...
...Democrats' objective in the tariff fight was to gain time to bargain with the President on comprehensive energy legislation. As an alternative to the President's program, Democrats last week proposed a plan that would raise the federal gasoline tax from the present 40 to 9? per gal. and give rebates to buyers of fuel-efficient cars (see ECONOMY & BUSINESS). Ford said that the Democrats' recommendations could "possibly be meshed with ours"-a sign that he agreed with Senate Majority Leader Mike Mansfield, who said of the President: "He can't carry the day alone. Neither...
Indeed, in a speech in Hollywood, Fla., Ford backed off from his previous description of the oil-tariff boost as the linchpin of his program. Instead, he called the increase "an administrative action taken solely for the purpose of forcing the Congress to act." Just as pointedly, he softened his criticism of Congress, not delivering in the Florida speech his prepared remarks declaring that by failing to move swiftly Congress was pursuing a "course [that] could lead America to disaster...