As Undersecretary (1961-1964) to Treasury Secretary C. Douglas Dillon, Henry H. Fowler (1908-2000) had spent much of his time with Congress, promoting the passage of the Kennedy administration's tax reform program. Appointed Secretary of the Treasury by President Johnson, he had to face the problems of inflation and a trade deficit, both of which had been exacerbated by massive spending in Vietnam. To spur economic growth, Fowler's immediate predecessors had administered "Keynesian" policies combining tax incentives and tax cuts.
Fowler had to employ the next and less popular step in the Keynesian approach: tax increases to slow the economy and curb inflation. In order to pay the increasing expenses of the Vietnam War, Fowler lobbied and won congressional approval for a ten- percent tax surcharge in June 1967. Another Fowler concern was the trade deficit, which had continued to grow throughout the Johnson years. He implemented a tax on foreign securities and urged corporations to place voluntary restraints on overseas investments. Fowler resigned one month before the end of Johnson's term to become a private banker.
- Text Courtesy of the Office
of the Curator
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos - Last Exhbit at the 2008 GOP Convention:
http://www.pinellasrepublican.org/
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos
Uncommon Sense: President Obama and
US China Trade 1784-2009
The United Colonies 1st
government began in a Philadelphia Tavern
and the United States 1st federal government ended in a
NYC Tavern!
The Founders convened the government in 11 different capitol buildings and
experienced 15 years of challenges that
included war,
hyper-inflation, a failed
constitution, judicial corruption, armed citizen and U.S. Army rebellions.
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