"The Republican Administration's great fear of inflation and an unbalanced budget has resulted in disaster for the country," Seymour E. Harris '20, Lucius N. Littauer Professor of Political Economy, claimed in a speech last night to the Harvard Young Democratic Club.
Harris said "the Administration's policy represents a cultural lag." "The Republicans have a neurosis about inflation," he asserted, "and their attempts to stop it with tight money have resulted in a recession which cost the nation $50 billion."
Considering national security, Harris claimed that present policy "favors the bankbook over national survival." He explained, "defense spending is still below 1953 levels, while the Soviet's military threat has risen, and in contrast to rapid Soviet economic growth, this country's production has risen an average of only 1 1/2 per cent a year under the Republicans."
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