Summers rejects 'new normal' slow U.S. GDP growth forecasts

Filed under: Forecasts, Recession

White House Economic Adviser Lawrence Summers is taking issue with those who are convinced the U.S. economy in the intervention era will achieve decidedly lower rates of GDP growth -- the so-called 'new normal' economy.

"I would be very reluctant to accept the idea that the American economy no longer has the potential to grow rapidly," Summers told Bloomberg News. "The American people have not become less capable of entrepreneurship. They have not become less dedicated to hard work, and the productive potential of this economy has not declined."

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Summers rejects 'new normal' slow U.S. GDP growth forecasts originally appeared on BloggingStocks on Fri, 09 Oct 2009 17:30:00 EST. Please see our terms for use of feeds.

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