Sunday, January 31, 2010

Larry Summers on the Economy

President Barack Obama's top economic adviser says the United States is experiencing an economic recovery on paper, but a "human recession" because of job losses.

Lawrence Summers, director of the White House National Economic Council, told a panel at the World Economic Forum Saturday that the latest figures showing strong U.S. economic growth suggest Obama's policies to prevent economic collapse are working.

But the level of unemployment in the U.S. is disturbing, with one in five men between the ages of 25-54 not working.

"What we see in the United States and some other economies is a statistical recovery and a human recession."


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