User Clip: Long Terem U.S. Economic Strategy

Lawrence Summers talked about long-term U.S. economic strategy. Among his statements he said that doing away with President Obama's payroll tax cut was not a good idea in the current economic situation, and called Republican presidential Mitt Romney's budget and economic plan "the daughter of voodoo economics." He also spoke about the "fiscal cliff," referring to impending tax increases and budget cuts at the end of 2012 if Congress cannot reach a new budget agreement. Macroeconomics. Key terms: recession, economy, debt, fiscal, interest rate. close