Summers's Recipe for a Strong Economy

Former University president Lawrence H. Summers said the Bush administration is not doing enough to jolt the economy out of its present sluggish state...

In an interview with the Wall Street Journal on December 18 and a speech at the Brookings Institution on December 19, former University president Lawrence H. Summers said the Bush administration is not doing enough to jolt the economy out of its present sluggish state.

Summers suggested injecting $50 billion to $75 billion into the economy through a combination of tax cuts and spending measures, including extending unemployment insurance and increasing food-stamp benefits.

His prognosis for the economy going forward was not optimistic. "I believe that slow growth is a near certainty, that a recession is more than a 50% chance, and that there's a distinct possibility of a more serious recession that will lead to the worst economic performance since the late 1970s and early 1980s," the Journal story quoted him as saying.

Summers, a former Treasury secretary who worked in the Clinton administration, is now the Eliot University professor. He is also associated with D.E. Shaw Group, a hedge-fund manager.

Read the Wall Street Journal account or the Washington Post account, or get the speech text on the Brookings Institution website.

You might also like

Threats Foreign and Domestic

Joseph Nye discusses geopolitics and Harvard’s challenges.

Harvard’s New Football Coach: A Real Tiger

The magazine’s football correspondent advises fans to deal with it.

The Interim President’s Agenda

Alan Garber on campus speech, academics, and his other Harvard priorities

Most popular

Reviving Neglected Space

Practicing architecture in Myanmar

Painter, Anew

Nell Painter reflects on leaving the ivory tower for art school at age 64.

"A Force on the Ice"

There has been a Moore on the ice for Harvard since 1996, when Mark Moore '00 matriculated. His brothers, Steve '01 and Dominic '03, followed...

More to explore

Photograph of Winthrop Bell 1910

Winthrop Bell

Brief life of a philosopher and spy: 1884-1965

Illustration of people talking to each other with colorful thought bubbles above their heads

Talking about Talking

Fostering healthy disagreement

Vacationing with a Purpose

New England “summer camps” for adults