Tags: larry | summers

Summers: Economy Backs Away From Abyss

Friday, 17 Jul 2009 01:48 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON -- The United States averted a financial catastrophe but sustainable recovery depends on redirecting the economy away from consumption, a top White House economic adviser said on Friday.

In excerpts of remarks prepared for delivery later on Friday, Lawrence Summers also defended President Barack Obama's "ambitious" policy agenda, saying it would lay the foundation for future prosperity.

"We were at the brink of catastrophe at the beginning of the year but we have walked some substantial distance back from the abyss," Summers said in excerpts of a speech released by the White House. "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 the rebuilt U.S. economy must be more export-oriented, with less of a focus on consumer spending and the sort of financial engineering that has been blamed for contributing to the current economic crisis.

The economic recovery should be "more middle-class-oriented and less oriented to income growth that disproportionately favors a very small share of the population," he said.

Critics of Obama's policy plans, which include reforming health care and addressing climate change, have argued that it is overly costly and ambitious -- particularly in the middle of a deep recession. However, Summers said the reforms were essential for repairing the economy.

"Yes, the President has an ambitious agenda," he said. "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."

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Gallup Poll: Record Disapproval Ratings for Obama on Economy

Thursday, 17 Apr 2014 22:41 PM

More than half of Americans said they had virtually no confidence in President Barack Obama's ability to improve the nat . . .

Ben Carson: Americans 'Being Played' by Those Who Seek Division

Thursday, 17 Apr 2014 22:02 PM

Retired pediatric neurosurgeon Dr. Ben Carson said Thursday that Americans are "being played by those people who want to . . .

Pro-Russian Group Denies Producing Ukraine Jewish 'Registration' Leaflets

Thursday, 17 Apr 2014 15:07 PM

Ukrainian Jews leaving Passover eve prayers were handed leaflets ordering them to either register with an interim govern . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved