In the economic report sent to Congress last week, President Eisenhower moved into a large area of political philosophy between Herbert Hoover and Franklin Roosevelt. In contrast to Hoover, Eisenhower accepted Government responsibility for effective methods to keep the U.S.
out of a depression. In contrast to F.D.R., Eisenhower rejected the New Deal doctrine that Government should move further toward direction of the economy.
The President's report in summary: The Past Year. At the beginning of the year, with the Korean war still in progress, the economy was expanding. Seeing the threat of further inflation, the Administration tightened up on credit....
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