Some of the remarks from former Treasury Secretary Larry Summers over the past few years could be read as extremely pessimistic for the U.S. economy and our role in global economic affairs.
But that’s not the case, the Harvard professor says. “This is not a society that is stuck. It is a society that is uniquely able to be resilient through a constant process of savage self-criticism, ” Summers said at a conference Friday, according to CNNMoney.
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He has warned that the economy might fall into a sustained period of weakness — secular stagnation. While secular stagnation is a “terrible thing, ” it’s simply a “prediction as to what could happen if nothing is done” to stimulate the economy, Summers said.
“It is not an argument for fatalism. I for one am very optimistic about the future.” …. [READ MORE]
By Dan Weil
