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Q:

perhaps a catalytic converter? on 1997 Ford Thunderbird

Rookie cbe0621eac06868b3efe0d8d1d3611e23c60d3114864ea2ec19a68cfbd3eebab
My ford is getting very little power when stepping on the gas, actually flooring it
(1) Answer
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.