perhaps a catalytic converter? on 1997 Ford Thunderbird

My ford is getting very little power when stepping on the gas, actually flooring it

Asked by for the 1997 Ford Thunderbird
Many things can cause a lack of power, a plugged exhaust system is one of them. Spend the money for a diagnosis of the problem, don't try replacing parts on a hunch, it will cost more in the long run.
Other things that can cause this are: MAF Sensor, Ignition Timing, Camshaft timing, fuel pump, plugged fuel filter, transmission problems, throttle position sensor etc.