WASHINGTON (CNNMoney.com) - While touting the administration's economic plan on Friday, President Obama's top economic chief said it was unclear how long the fixes would take to work.
Larry Summers, director of Obama's National Economic Council, explained the administration's multi-pronged attack to stimulate the economy, help homeowners struggling to pay mortgages and relieve financial markets.
Watch: Summers on bringing about an economic recovery
But Summers, speaking to a packed crowd at the think tank the Brookings Institution, also admitted that "no one can know just when and how its positive effects will be fully felt."
Summers did say that he saw some early signs that the economic crisis could be beginning to ease. He pointed to consumer spending, which collapsed during the holiday season but now appears to be stabilizing.
From CNN Politics
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
| Advertising practices | Advertise with us | About us | Work for us | Help
Things will not change overnight, they will take time people! We need to let this process run its course and see what happens! Like it or not,weather you're for it or against it the bottom line is, we're in this together and we are all committed to this weather we want to be or not! We can worry about crying and belly aching later! Right now we have to GROW UP, GET REAL and DEAL WITH IT!
And hopefully, the DUMMYCRAT dont make fools out of themselves, like the Republi CON
The "turnaround" will come when Obama leaves!
Of course things will not change overnight! Why is this clown trying to explain that?
Why can't the Treasury get staffed?
The Treasury dept. is key to the economy turning around!
The people on the hill need to put down the check book and get
all the positions filled!
President Obama needs to focus on getting the Treasury dept.
staffed and stop acting like he his A.D.D.
For me personally he has until June to show the economy is turning.
Geez......Everyone thinks it should happen over night.........It took Bush 8 years to run our deficit up , it will take Obama longer than a month before we will start seeing an improvement.
Messiah meets Reality. Interesting how the lowering of expectations came after the vote.
I hate economists
what a bunch of worthless stuffed shirts
we put so much confidence in them and they sit around and make up explanations and hope (pray) that they come true so that they can say "see I am a great economist"
they are blind folded and throwing darts
Five out of the box ways to stimulate the economy:
1. Four day work week – will afford individuals more personal time for income producing endeavors like personal businesses, part-time jobs and special income-producing projects, including educational courses.
Also allows more time for shopping, travel, and recreation.
2. Income taxes – elimination of taxes for anyone earning less than the minimum standard of living guidelines based on actual cost of living data.
3. Sales taxes – implemention of sales tax holidays to encourage retail sales, especially for big ticket items like automobiles, appliances, and furniture.
4. Interest rates – limit interest rates to a maximum of 12 percent to lower personal debt, stabilize credit, and restore confidence in the banking system.
5. Legalized marijuana – will create new industry and new tax revenues, will reduce border drug crime, will decrease criminal justice spending.
Get real people! Give my President time to change things. Bush had 8 yrs. To screw up!!!
thomas – you must be working for Obama; your recommendations would bring this country down is 2 months if implemented. Yeah man, we could all get stoned so we don't feel the pain man. Get a life, buddy. Some of us still enjoy having a brain.
We are tired of all the BS coming from the White House and the treasury. There is nothing you can do but just shut up and do your work. We know just as much as you and maybe more. The date will be clear when the world mourns. Maybe that would sound comforting for some.
Hey Republicans:
The DOW is up again. Why aren't you attributing that to President Obama like you do when the markets are down? Hypocrites!
@ New Yorker.....so what's your plan big mouth? Typical, all mouth and no brain.