Larry Summers says the economic recovery is on track.
"The U.S. economy is firmly poised for a recovery from its deep recession but growth may be moderate and the job market will not revive immediately, senior White House aide Lawrence Summers predicted on Wednesday."
"It will be some time before unemployment starts to decline. Once it declines it will take a long time to return to normal levels, given how elevated it is," he said."
RIGHT...How does an economy that is 70% consumer spending revive if 10%(really20%)of it's citizens don't have an income? "For a long time" according to Summers.
""The question of what will propel growth throughout the expansion is still a crucial one," Summers added. "But that's always the case at the beginning of expansions."
WHAT WILL PROPEL GROWTH? THE ONLY THING DOING IT NOW IS MORE MONEY SKIMMING BY OUR FINANCIAL WIZARDS ON WALL STREET.
"On the economy, Summers said the $787 billion stimulus package and inventory rebuilding by businesses were among the "dominant drivers" lifting the economy."
WHAT STIMULUS? STATES GETTING MONEY TO BALANCE(NOT) THEIR BUDGETS? Does anybody see stores restocking their shelves? Is shipping and rail up? NO.
"Summers said the oil price, which hit a one-year high above $81 a barrel on Wednesday, did not risk throwing the U.S. recovery off the rails.
"I think the increase in oil prices is probably ... more a reflection of recovery and the expectation of continued recovery than a threat to recovery," he said."
NO,LARRY, IT'S THE DEVALUED DOLLAR AND COMMODITIES HOARDING BY YOUR BANKSTER BUDDIES.
Well, what would anybody expect. They can't come right out and tell us we're in uncharted waters and they're just winging it.