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Warns Against More Welfare Plans in Crisis
President James E. Shelton of the American Bankers Association urged stopping further welfare plan expansions to protect the economy amid defense spending. He named socialized medicine and the Brannan plan, urged delaying many expenditures, and favored cutting nonmilitary spending to the bone despite political unpopularity. Federal Reserve chairman Thomas B. McCabe urged curbing bank credit to fight inflation, noting sharp loan growth but limited defense-financing need. Purdue's E. L. Butz called for a government farm program prioritizing higher output with fewer workers, opposing output restraints and cuts.
MENTIONED IN THIS ARTICLE
Chicago
United States
James E. Shelton
American Bankers Association
Shelton
ABA
National Credit Conference
Thomas B. McCabe
Board of Governors
Federal Reserve System
E. L. Butz
Agricultural Economics Department
Purdue University
Butz