"The Republicans, through their restrictive policy, are jeopardizing the stability and growth of our economy," said Seymour E. Harris '20, professor of Economics, in a letter to the New York Times yesterday.
Harris rebutted two recent editorials of the Times which criticized statements of the Democratic Advisory Council. The Council has maintained that Republican leaders have economized to the detriment of U.S. foreign prestige and military position.
The Economics professor charged the Administration with failing "to keep its budgetary expenditures within its promises of 1952 by 15 to 25 billion dollars," and stated that it "continued to lend and guarantee vast sums of money, even as in 1953 and 1955-57 the Treasury and the Federal Reserve were inducing tight money."
Harris continued that the Times was wrong in maintaining that the Democrats have been the party of inflation. He claimed that yearly price rises have been six times as great in the past two years as in the recent twenty years of Democratic leadership.
The Democrats, ne summarized, condemn the Republicans for bringing on inflation and for "trying to contain it through the use of clumsy and contradictory policies; and for introducing a tight money policy which has failed of its objectives . . . and which associates, in a simple-minded way, money and prices."