December 22

In December 1807, the U.S. Congress passed the Embargo Act under President Thomas Jefferson’s urging. The law prohibited American ships from trading with foreign nations. It aimed to pressure Britain and France during the Napoleonic Wars without resorting to war. Merchants and sailors in port cities faced severe economic hardships as exports halted. The act sparked widespread smuggling and political dissent domestically. Opposition grew in New England, where trade was vital to local economies. The embargo undermined Jefferson’s popularity and signaled the limits of economic coercion. Historians view the measure as a significant but flawed experiment in non-violent foreign policy.

At the 8th Congress of the Soviets on December 22, 1920, the Russian SFSR officially adopted the GOELRO (State Commission for Electrification of Russia) plan. Conceived by Vladimir Lenin, the plan aimed to transform the largely agrarian economy through widespread electrification and industrialization. It envisioned interconnected power stations, new factories, and improved infrastructure across the Soviet Union. GOELRO represented one of the first major centralized economic plans, setting a precedent for later Five-Year Plans. The initiative sought to boost productivity, modernize agriculture, and integrate diverse regions into a cohesive economy. Its implementation marked a turning point in Soviet economic policy and technological advancement.

On December 22, 1975, President Gerald Ford signed an executive order establishing the United States Strategic Petroleum Reserve (SPR). The move aimed to mitigate future oil supply shocks following the energy crisis of the early 1970s. The SPR was designed to store emergency crude oil stocks in underground salt caverns along the Gulf Coast. With an initial capacity target of 150 million barrels, the reserve provided a buffer against global supply disruptions. Over time, the Strategic Petroleum Reserve expanded in size and purpose, becoming a cornerstone of U.S. energy security policy. Its creation represented a major federal response to the economic and geopolitical risks of energy dependence.

On December 22, 2017, President Donald Trump formalized the Tax Cuts and Jobs Act into law, lowering the corporate tax rate from 35% to 21%. The legislation also adjusted individual income brackets, nearly doubling the standard deduction and eliminating personal exemptions. Proponents argued the reform would spur economic growth, investment, and job creation across the nation. Critics warned of increased federal deficits and claimed the benefits predominantly favored higher-income households. As the most significant redesign of the tax code since 1986, it reshaped finances for businesses and individuals alike.