Treasury Deficits Draw Fire From Harvard Economist
Harvard professor Sumner Slichter criticized the Eisenhower administration for overemphasizing deficits in Treasury policy while deeming a two million unemployed figure less alarming. He praised the Fed’s performance and noted Congress’s tax cuts but faulted the executive branch for insufficient recession response and a cash balance bias.
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Curbs Urged on Tax Free Foundations
San Francisco attorney Aaron M. Sargeant told House investigators that tax exempt foundations have ignored their trust duties. He urged a House committee to push standards of conduct for philanthropic groups and tie them to tax exemptions. The standards should cover patriotism loyalty and obedience to law while urging foundations to be active against subversive attacks and to refrain from supporting movements that raise government costs or threaten national security. He urged limits on scholarship grants to clearly defined, feasible projects. He warned the foundation system faces criticism and called growth in technology a factor shaping prospects over the next several years.
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