Saturday, June 30, 2012

No Light At The End Of The Tunnel

One of the architects of Obama's economic policy sees no relief from the economic doldrums in the foreseeable future.
"The good news is, the chance of recession in the U.S. is very odds-off" over the next six months, Larry Summers, who served for two years as director of Obama's National Economic Council, told an audience at the Aspen Ideas Festival on Saturday afternoon. But, he added, "the bad news is that the most likely outcome is probably growth at a rate that is insufficient to keep pace with population growth and productivity growth." 

The subtext of Summers' comments: If Obama is hoping for the economy to rescue his campaign, he'd better think again. 

"You're likely not looking at a substantial reduction in unemployment or a substantial increase in the fraction of the population that are working," Summers said. The economy, he added, is "not likely to feel, over the next six months, terribly dynamic."


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