John Kenneth Galbraith, Paul M. Warburg Professor of Economics (on leave) and United States Ambassador to India, has announced his opposition to President Kennedy's proposal for a tax cut in 1963.
"I have a feeling that we are going to need a large amount of money for both domestic and overseas spending," said Galbraith in a television interview Tuesday. "Cutting taxes in this position is not the best economic policy."
"But I hasten to add that I speak purely as an individual and with no view to being critical of those who have reached another decision. I speak only as a Harvard economist, or rather, as a former Harvard economist."
President Kennedy has requested "an early and substantial tax cut." But although Galbraith served as adviser to the President during the 1960 campaign, his opposition to the reduction came as no surprise to members of the Economics Department.
"Galbraith is, by and large, in favor of increased government spending," a College economist commented last night. "Galbraith is opposed to this tax cut because any lessening of government income at this time would make Congress more reluctant to spend on welfare and foreign aid programs."
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