Caffeine can be a powerful stimulant. It can heighten your awareness and sharpen your concentration. So expectations were probably pretty high when the President's chief economic advisor had enough Diet Coke in him to keep him awake the entire time during a speech he gave yesterday. From his courtside seats to the economic crisis, Larry Summers has been waiting for that one opportunity to unleash mesmerizing words of economic wisdom. The kind of genius that makes people gasp out loud in amazement. Yesterday was the day.
In a speech at the Hyatt Regency St. Louis Riverfront, Summers, Obama's chief economic adviser, stressed the need to fight stubbornly rising joblessness if the nation hopes to have an economy that's growing healthily again. With the unemployment rate at its highest level in 26 years and expected to grow further, more and more people are suffering, he said, and also unable to spend and help fuel a recovery.
But it didn't end there. Summers was clearly feeling generous yesterday. There was more. .
In the short term, Summers said, it's important to mind what he called "a cleavage" between the viewpoints of many executives, particularly in the financial sector, and the viewpoints of everyday Americans.
"I think it is deeper and sharper than it has been historically," he said. "Much of that goes to the disaster of the last two years."
To say nothing of policymakers repeatedly bringing attention to it.
Lawrence Summers says the worst is over [Boston Herald]