U.K. Chancellor of the Exchequer George Osborne renewed his commitment to fiscal austerity by rebutting warnings that governments must spend more if their economies are to avoid a period of “secular stagnation.”
Federal Reserve Chair Janet Yellen is generally taking the right approach in continuing efforts to boost a tepid U.S. economic recovery, former U.S. Treasury Secretary Lawrence Summers said in an interview airing today.
Former U.S. Treasury Secretary Lawrence Summers said increased government spending offered greater reward than Federal Reserve bond purchases as authorities seek to boost growth in the world’s No. 1 economy.
Reforming the tax code to eliminate tax loopholes used by the wealthiest Americans would help narrow the income gap between the rich and the rest of the society, according to former U.S. Treasury Secretary Lawrence Summers.
When President Barack Obama dropped by Lawrence Summers’s going-away party in 2010, he presented his National Economic Council director with a pair of suspenders, a gag gift to help Summers hold up his perpetually sagging trousers.