On This Day In Finance: July 14 - Gerald Ford Is Born
On July 14, 1913, former U.S. President Gerald Ford was born in Omaha, Nebraska. Ford held the honors of being appointed the 40th Vice President and 38th President in the history of the United States.

Gerald Ford holds the dubious distinction of being the only man to hold both the position of Vice President and President without being elected to either position. In 1973, following Vice President Spiro Agnew's resignation in the face of allegations tax evasion and money laundering, Ford was nominated by Richard Nixon to take the vacant position. The following year, Ford assumed the position of President following the resignation of Richard Nixon in the wake of the Watergate scandal, and remained Commander and Chief for the remainder of the term.

During Ford's presidency the domestic economy was considered to be the worst since the Great Depression, and was struck with growing inflation and a mild recession. President Ford tried many tactics to remedy the economic downturn, from tax surcharges to tax breaks to tax rebates. However, in January, 1975 the economy was at rock bottom and the Misery Index hit an all-time high at the time of 19.90%. Ford eventually lost the 1976 Presidential Election to Jimmy Carter by a two-point margin. (To learn more, see The Misery Index: Measuring Your Misfortune.)

In the years following his presidency Ford remained an active member of the Republican party and voiced his support for (among other issues) gay and lesbian rights. Gerald Ford passed away at the age of 93 on December 26 2006. (For more, read If These Famous World Leaders Were In Finance.)

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