You should have a large fat ground wire going directly from the battery to the engine block somewhere.
Checking the voltage at the same time you are trying to start it is excellent troubleshooting, I am impressed.
Do this same voltage check at the large solenoid connection going to the starter, point #4 in the picture below. Try to start it and see what voltage you get. If you get something low below 12v, that means you have a connection problem upstream. So move upstream to point #3 and try again. If at #3 you get 12v, then the solenoid is bad. If you get something below 12v at #3, then that short cable or your battery clamp is bad.
If you got 12v at #4 when trying to crank it over, then move your negative meter lead from #2 to a place on the engine block that is clean bare metal. Try to start it again while watching the meter. If it's below 12v, your ground is bad, either at the battery, at the engine block or the cable itself.
If you have 12v when trying to start it at #4 and the negative on the engine block, then you have a starter problem. Either a connection at the starter, the starter might have dirt between it and the transmission interrupting the ground to the starter, or the starter itself is bad.
You can pull the starter, get some jumper cables, hook the ground to the body of the starter and to the neg of the battery, and touch the + to the starter and the battery + and see if it will run laying on the ground.
ford starting system by
D Franklin, on Flickr