The things you hear now about European unemployment -- that… - Lawrence Summers

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The things you hear now about European unemployment -- that there are structural problems, that real wages have failed to adjust, that there are inflationary fears -- are the same things that were said during the early 1930. It is well established that government spending began to pull Germany out of its slump in 1935. There is no known reason why spending for peace can't do as well at getting the economy going as spending for war.

Lawrence Summers

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About Lawrence Summers

Lawrence Henry "Larry" Summers (born November 30, 1954) is an American economist, who was Vice President of Development Economics and Chief Economist of the World Bank (1991–93), senior U.S. Treasury Department official throughout President Clinton's administration (ultimately Treasury Secretary, 1999–2001), and director of the National Economic Council for President Obama (2009–2010). He was president of Harvard University (2001–2006), where he served as a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard University's Kennedy School of Government. In November 2025, he took leave from his public roles while his connections to sex offender Jeffrey Epstein were investigated.

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Alternative Names: Lawrence H. Summers • Larry Summers • Lawrence Henry Summers

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The things you hear now about European unemployment -- that there are structural problems, that real wages have failed to adjust, that there are infl… - Lawrence Summers

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