Larry Summers, formerly one of the top economic advisors to President Obama, is advocating more government stimulus to jumpstart the struggling U.S. economy.
In opinion pieces Monday in the Washington Post and Financial Times, Summers, who was the first director of the National Economic Council under Obama, says that the United States is at risk of falling into a “Lost Decade” of prolonged weak economic growth and high unemployment unless more action is taken in the near term.
“We averted Depression in 2008/2009 by acting decisively. Now we can avert a lost decade by recognizing economic reality,” he wrote.
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