Interview Transcript
Lawrence Summers: We need to save for our future. The country's becoming prosperous. We need to share their prosperity with their citizens and let them spend. That China, for example, consumes less than 40% of its GNP is hardly appropriate.
We need to find the forum that will connect, not a limited set of aging societies dominated by the Atlantic Ocean, but a much wider set of rapidly emerging societies to provide the function of being a kind of global steering committee as we address central global concerns.
We need to find ways in the United States to support a more inclusive democracy and a more inclusive prosperity. If our people are going to be willing to accept the kind of international role that the United States needs to take, if the world is going to remain stable, some of that goes to healthcare; some of that goes to the tax system and much, much else.
We need to forge some kind of international approach to dealing with what are really the existential threats around nuclear weapons, around nuclear proliferation, around global warming – two events that have the chance to profoundly change the terms of life on earth 50 or 100 years from now.
Recorded on: June 13, 2007
Larry Summers on Savings
Director, National Economic Council
President Obama's top economic advisor Larry Summers on the global impact of a spendthrift culture.
November 19, 2007 | In Politics & Policy
Discuss
Richard Caputo on January 7, 2008, 4:24 PM
two minutes is much to thought to convey "big think ideas" – sorry – give sommers & others more time to develop one big idea at a time.
Richard Caputo on January 7, 2008, 9:24 PM
two minutes is much to thought to convey “big think ideas” – sorry – give sommers & others more time to develop one big idea at a time.
steven berube on January 16, 2008, 6:54 PM
im neutral on this one because it makes since on what hes saying about saving our money for later but i think that it needs to be used on nothing but our country not helping other countries i think the other countries need to prosper on there own not through other countries prosparities
steven berube on January 16, 2008, 11:54 PM
im neutral on this one because it makes since on what hes saying about saving our money for later but i think that it needs to be used on nothing but our country not helping other countries i think the other countries need to prosper on there own not through other countries prosparities
Shrivatsa Pendakur on January 20, 2008, 11:25 AM
Its high time that it does. At least some action, some concern damn it.
Shrivatsa Pendakur on January 20, 2008, 4:25 PM
Its high time that it does. At least some action, some concern damn it.
baraca yo-bama on January 26, 2008, 7:01 AM
Thanks to guys like you, we are heading into financial oblivion. It only took 25 years for liberal policy wonk Big Thinkers to bankrupt this country. On what merit do you think you stand to be part of "the steering committee" for a global economic front. Go back to your mansion…..Your in serious denial
baraca yo-bama on January 26, 2008, 12:01 PM
Thanks to guys like you, we are heading into financial oblivion. It only took 25 years for liberal policy wonk Big Thinkers to bankrupt this country. On what merit do you think you stand to be part of “the steering committee” for a global economic front. Go back to your mansion…..Your in serious denial
Ryan Jensen on March 26, 2009, 8:35 PM
It is by pure chance that anyone reading this was born in the United States. We had absolutely nothing to do with creating the opportunities available to us. We all could very well have been born in some 3rd world country. We should all feel responsible to help others in some way, big or small. We’re not entitled to anything.
Joe Gillis on June 8, 2009, 12:27 PM
Isn’t it possible that the recession gave most of us a new perspective that would make these ideas more viable? Having said that, is it possible that the recession could ultimately be remembered as a good thing that helped us appreciate what other people in the country and the world are going through? As a global power, the United States is expected to take it upon itself to serve other countries to achieve some sort of global stability. Of course, I would have liked to see Mr. Summers speak longer.
Jean-Paul Franco on July 2, 2009, 6:11 AM
I wonder what it is that people like Mr. Summers and other economic pundits who advise that Americans save believe will actually bring about those kinds of habits.
The problem is deeply embedded in American culture. We valorize conspicuous consumption, and honor those in our society who live lavish lives.
American society, perhaps, requires a moral paradigm shift toward more conservative practices.
As the father of three children, I’ve made certain to instill the right values in my children. And that’s where I think saving starts: the home. It’s about imbuing commonsense values into our children to ensure that future generations won’t fall into the same traps as Gen-X & Y-ers.
I’ll be damned if my kids end up like that.
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