Summers to cite 'substantial progress'
Posted: Friday, July 17, 2009 10:47 AM by Mark Murray
Filed Under:
White House, Economy
From NBC's Mark Murray
The White House has just released excerpts of chief economic adviser Larry Summers'
speech on the economy today. According to the excepts, he will say that the economy has made progress since the days when it looked like it was on the "brink of catastrophe."
"Though only a half a year ago, the distance we have traveled these past six months is remarkable," Summers is expected to say. "The economy was in free-fall at the start of the year with no apparent limit on how much worse things could get… Fear was widespread and confidence was scarce."
"We were at the brink of catastrophe at the beginning of the year but we have walked some substantial distance back from the abyss… Substantial progress has been made in rescuing the economy from the risk of economic collapse that looked all too real 6 months ago."
Summers, per the excerpts, will also discuss what the administration hopes the economy will look like once it recovers. "The rebuilt American economy must be more export-oriented and less consumption-oriented, more environmentally oriented and less fossil-energy-oriented, more bio- and software-engineering-oriented and less financial-engineering-oriented, more middle-class-oriented and less oriented to income growth that disproportionately favors a very small share of the population."