The United States averted a financial catastrophe but sustainable recovery depends on redirecting the economy away from consumption, a top White House economic adviser said Friday.
In excerpts of remarks prepared for delivery on Friday, Lawrence Summers also defended President Barack Obama's "ambitious" policy agenda, saying it would lay the foundation for future prosperity.
Watch Live: White House's Summers on Economy
"We were at the brink of catastrophe at the beginning of the year but we have walked some substantial distance back from the abyss," Summers said in excerpts of a speech released by the White House. "Substantial progress has been made in rescuing the economy from the risk of economic collapse that looked all too real six months ago."
Summers said the rebuilt U.S. economy must be more export-oriented, with less of a focus on consumer spending and the sort of financial engineering that has been blamed for contributing to the current economic crisis.
The economic recovery should be "more middle-class-oriented and less oriented to income growth that disproportionately favors a very small share of the population," he said.
http://www.cnbc.com/id/31964152
Hello currency markets ! Summers gave just the start sign for some nasty currency volatility ! Every currency trader should be excited for the years to come !
In excerpts of remarks prepared for delivery on Friday, Lawrence Summers also defended President Barack Obama's "ambitious" policy agenda, saying it would lay the foundation for future prosperity.
Watch Live: White House's Summers on Economy
"We were at the brink of catastrophe at the beginning of the year but we have walked some substantial distance back from the abyss," Summers said in excerpts of a speech released by the White House. "Substantial progress has been made in rescuing the economy from the risk of economic collapse that looked all too real six months ago."
Summers said the rebuilt U.S. economy must be more export-oriented, with less of a focus on consumer spending and the sort of financial engineering that has been blamed for contributing to the current economic crisis.
The economic recovery should be "more middle-class-oriented and less oriented to income growth that disproportionately favors a very small share of the population," he said.
http://www.cnbc.com/id/31964152
Hello currency markets ! Summers gave just the start sign for some nasty currency volatility ! Every currency trader should be excited for the years to come !
