Larry Summers: U.S economy to decline for 'Some time'

Summers saying economy to decline


April 26 (Bloomberg) -- The U.S. economy will continue to contract “for some time to come,” said Lawrence Summers, director of the White House National Economic Council.

“I expect the economy will continue to decline,” with “sharp declines in employment for quite some time this year,” Summers said today on “Fox News Sunday.”

The International Monetary Fund, which held meetings last week in Washington, cut its forecast for each of the Group of Seven economies for this year and next. The lender said the U.S. economy would shrink 2.8 percent this year and have no growth in 2010, with unemployment rising to 10.1 percent.

Can some one tell this babyboomer to retire

Washington Post

Here's a interesting little article about Mr. Summers. Just something that came in a email to me a few days ago, figured I'd throw it up here.

at least he's honest about something................................................if only he said this as he jumped off a tall building i would have a lil more hope for the administration (just a touch)...

[edit on 26-4-2009 by cpdaman]

But, how can that be? don't we have the incredible "stimulus package"?

Is someone admitting that the claims of the future effectiveness might be wrong?