Newstalgia Reference Room - Meet The Press from July 1962 with International Monetary Fund Chairman Per Jacobsson on the state of the economy in 1962 and what was going on with the U.S.
November 30, 2010

Per Jacobsson - a word or two about U.S. economy.

A lot has been attributed over the years to Per Jacobsson, who was Chairman and operating Manager of the International Monetary Fund from 1956 until his death in 1963. But it goes back even further to his days with The League Of Nations and the financial reconstruction of those countries devastated by the affects of World War 1.

Here he is, in a panel discussion from Meet The Press on July 7, 1962 where he is asked to assess the then-current economic situation in the U.S. and the subject of tax cuts:

Per Jacobsson: “You say there is growing agreement in this country on a tax cut, but when I read the newspapers this morning I found a number of people said that we’re at the wrong time, and not needed now. So I think still it is a very open question. The question of tax cut has very much to do with the two problems. One, whether one has to expect a setback in business and I do not believe there will be a setback in the coming months. I think the improvement will continue, not at the high rate that had been expected, but still at the steady rate. Secondly, some people believe that there has to be a tax cut because they want a higher deficit in the budget, which of course is quite another question that there will be, as we know, a deficit, a fair amount already under present provisions. So that some people think this deficit is large enough to give the impetus to business that is needed in this situation.”

I suspect not many people have actually heard him, let alone heard of him. He was an influential figure in the world economy for many decades and a little history now and then can do a lot of good. Particularly in relation to current situations.

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