There have been some sobering insights from Obama's top economic advisor Lawrence Summers.
The Boston Globe reports that Summers is no longer certain the United States is making a sustainable recovery with Europe falling apart, gyrating stock markets and absolutely no progress bringing down US unemployment. Asked if the recovery was self-sustaining, Summers replied: "I think that's the right presumption and my expectation. I wouldn't be foolish enough to be certain.''
This is disturbing because Summers was one of the cheer leaders claiming the US was well on the way to economic recovery. It was only in April that Summers was claiming the US economy was poised for self-sustaining growth. Unemployment? Not a problem, he claimed the US would be creating millions of new jobs. "The process of recovery seems to have started earlier and more vigorously than was common in such crises," Mr Summers said.
How times change. The Obama administration has been mugged by reality.
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