U.S. economic recovery should be more export-oriented, environmentally oriented, bio and software-engineering oriented, and middle-class oriented, said Lawrence Summers, Director of the National Economic Council and Assistant to the President for Economic Policy, Friday. (0:28)
“Recovery will take time and history suggests that there will be setbacks along the way,” said Lawrence Summers, Director of the National Economic Council and Assistant to the President on Economic Policy, but “the pervasive sense of fear of six months ago has receded” and “the American economy is again progressing.” (0:45)
The impact of the Recovery Act will peak in 2010, said Assistant to the President on Economic Policy, Lawrence Summers. “Now, five months after the passage, we are on track to meet that timeline,” he said. (0:32)
“Yes, the {resident has an ambitious agenda, but it is an agenda comprised of measures that lay a foundation for future prosperity and for the confidence on which the current recovery depends,” said Lawrence Summers, Director of the National Economic Council and Assistant to the President for Economic Policy, during a report on the progress of the recovery of the U.S. economy Friday. (0:21)
“Unemployment is substantially higher and job loss has been greater than most observers predicted last winter…unemployment is likely to rise in coming months,” said Lawrence Summers, Director of the National Economic Council and Assistant to the President for Economic Policy Friday. He claimed, however, that “this does not provide a basis for concluding that the Recovery Act is falling short of its goals,” since the peak impact of the stimulus on jobs is not projected to be achieved until the end of 2009. (0:30)
By Mariko Lamb-Talk Radio News Service
Lawrence Summers, Director of the National Economic Council and Assistant to the President for Economic Policy, discussed the progress that the Obama administration has made thus far in economic recovery and voiced his confidence that the U.S. will be able to overcome the current economic challenges.
“Substantial progress has been made in rescuing the economy from the risk of economic collapse that looked all too real six months ago,” Summers said.
He reported that “many private forecasters expect to see positive growth in the second half of this year.” Additionally, reports have indicated improved consumer and business sentiment, a 33% decrease in investment grade corporate bonds, and a slower pace of GDP contraction.
A slight pause in Summers’ optimism ensued upon the mention of the high unemployment rate facing the U.S. “Unemployment is substantially higher and job loss has been greater than most observers predicted last winter…unemployment is likely to rise in coming months,” he admitted.
He claimed, however, that although the high unemployment rate is a significant problem, it “does not provide a basis for concluding that the Recovery Act is falling short of its goals.” He advised Americans to be patient since the “peak impact of the stimulus on jobs” is not projected to be achieved until the end of this year.
“While unemployment continues to contract, the available indicators suggest that GDP is on close to a level path with prospects for positive growth to commence during this year,” Summers concluded.
