The 38th United States president, Ford has the distinction of being the first, and to date the only person to serve as president without being elected to either the presidency or the vice presidency. His presidency ended following his defeat in the 1976 presidential election by Democrat Jimmy Carter. In the 1976 presidential election, Ford was challenged by Ronald Reagan, a leader of the conservative wing of the Republican Party. The central plank of the plan was a tax increase on corporations and high earners, which Ford hoped would both quell inflation and cut into government's budget deficit.Ford's economic focus changed as the country sank into the worst recession since the Great Depression. In November 1974, Ford withdrew his proposed tax increase. Two months later, Ford proposed a 1-year tax reduction of $16 billion to stimulate economic growth, along with spending cuts to avoid inflation. Though Ford lost, in the three months between the Republican National Convention and the election he had managed to close what polls had shown as a 33-point Carter lead to a 2-point margin.
1976
1976