Word: tariffs
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...weeks ago Ford, with a stroke of the pen, raised the tariff on imported oil by $1 per bbl. as the first step of an increase that would reach a maximum of $3 per bbl. on April 1. Democrats thought that they had the perfect riposte to this presidential assertiveness. The liberals on Ways and Means adopted a bill postponing the tariff hike for 90 days. Then they linked the measure with a boost in the national debt ceiling that the Administration had sought in order to finance its ballooning deficit (see box). The Democrats reasoned that Ford could...
Further Drain. What Ford had done was to bite the bullet as he had been urged, though people had differing views of the bullet he should bite. He signed a proclamation that raises the tariff on imported crude oil by $1 per bbl. starting Feb. 1 and moving up to a maximum $3 per bbl. on April 1. The tariff hike is only part of his total program, which calls for a dramatic increase in the price of oil to reduce consumption, along with a $16 billion tax cut to reimburse consumers. By launching the first part of his energy...
Even before Ford moved on tariffs, Senators Henry Jackson and Edward Kennedy had sponsored a Senate resolution to postpone the tariff increase for 60 days; in the meantime Congress, if it has the will, would be able to draft its own energy-saving program. In the House, Pennsylvania Democrat William Green offered a similar motion to defer the hike for 90 days, which the House Ways and Means Committee promptly voted, linking the deferral to an increase in the federal debt limit to $531 billion...
Death of Economy. Ten Northeastern Governors who met with the President just before he signed the tariff hike were equally angry (see THE PRESIDENCY). Since their region is more dependent on foreign oil than the rest of the country, it will be hardest hit by the new fees. "By this unilateral action," objected New York's Hugh Carey, "the President is going to coerce the Congress and the country." Said Connecticut Governor Ella Grasso: "The program will mean the death of our economy." The Governors pledged to file a lawsuit challenging the President's right to take unilateral...
...would seem that President Ford's tariff is the least objectionable alternative. At least the taxes collected would be recycled within our own economy...