There’s plenty to make fiscal conservatives and anti-Keynesian economists grumble in the latest Bloomberg Businessweek interview with federal Office of Management and Budget Director Jack Lew.
But Lew deserves at least some credit for delivering the following answer to a question about projected unemployment levels:
I don’t want to give an estimate on the next 18 months. We have to project the kind of stability that is required for the private sector to come off the sidelines and invest. Businesses in America are sitting on trillions of dollars of reserves, and in the end it’s not going to be the last $50 billion or $100 billion of public money that creates growth, it’s going to be private money.
Someone else recently made a point about jobs, value, and the proper place to look for economic growth.
