Show latest on r recession cession A majority of economists who testified testified testified fied before a Joint Congressional Committee Commit Commit- tee recently did not agree with the often- often expressed opinion of officials of the Eisenhower Eisenhower Eisenhower Eis Eis- Administration that the present recession would be extended in the very near future Of six economists who testified on one day five of them were doubtful that the speedup in defense orders and other steps by the administration would put an end to the current recession The President President President dent in his economic report to Congress had apparently relied on the increase in defense expenditures as one of the major factors which could be bo expected to remedy remedy re re- medy the nations nation's economic ills However this viewpoint was not shared by a number of the economists Nor or did they think as the President had assum assumed d that increased construction especially especially especially es es- in housing and state and local spending would end the recession any anytime anytime anytime time soon The economists were wen of It the view that thata a drop in business investment in new plants and new equipment would continue continuo contin contin- ue to depress the economy throughout the year In other words they believe that what business does is far more important as far as the current recession is concerned than what tho the Federal government or state and local government do plus any increase In building activity which may maybe maybe maybe be brought about It is obvious that with the Soviet Union reducing taxes and outstripping us in some fields of defense and getting their defense weapons at a lower cost than we can obtain them in the United States that a major economic problem faces the United States of America It is isa isa isa a problem of both national policy and national national national na na- na- na security and Is aggravated by the current recession |