From Matthew Benjamin at 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.
Summers is such a cheery guy.
When he's not snoozing on the job, he's telling us things will get worse.
I guess this is what Obama meant when he talked about "hope."
In this case, we're supposed to get hope from a windy, snoozy old gasbag.