10/06/1962
https://www.presidency.ucsb.edu...
"Senator Shaheen and Senator Collins have a great bill. Senator Warnock and I have a bill, too."
"Well, more stimulus by Federal spending is inflationary. Is that right?"
"I just read a piece by one of your economists from the San Francisco Fed, Mr. Shapiro, who is arguing that labor costs have virtually nothing to do with service inflation and is a negligible factor in..."
"And less spending by Government, it means less stimulus, which tends to be disinflationary. Is that fair?"