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Speaking at the Dealbook “Opportunity for Tomorrow” conference in New York, Treasury Secretary Jack Lew said that low oil prices are good for the consumers and the GDP. He said, “they are like a tax cut, ” for Americans. He added American oil production is a “great success story, ” even as these producers have been hurt by oil prices. Secretary Jack Lew said long-term, the prices will work themselves out and reach equilibrium. Oil production “has made America a more attractive place t invest.” In the meantime, lower energy prices will aid domestic growth. At the same time, the push toward alternative fuels, said Lew, is essential for a healthy long-term energy policy.
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The Treasury Secretary moved onto other topics, such as the battle raging between Democrats and Republicans, and a compromise that may cause the Republicans to stop fighting for a government shutdown so they can attempt to roll back some of the Dodd Frank banking reforms. “What Congress and the President are going to have to work through in the next day or to is that trade-off, ” he said.
While Jack Lew sounded bullish on the economy, he said the problem of stagnant wages remains to be fixed, “It’s a lot to expect for the American People who are struggling with wages that aren’t rising as fast a they should to say everything is fine.”
