Updated 11:48 a.m.
White House economic adviser Lawrence Summers fired back at House Republicans on Monday with a lengthy — and positive — assessment of the Obama administration’s economic policies. In a letter to House Minority Leader John Boehner (R-Ohio), Summers said, “[W]e have walked a substantial distance back from the economic abyss and are on the path toward economic recovery.—
House Republicans last week said the $787 billion stimulus enacted earlier this year failed to create jobs or reinvigorate the economy and called instead for a host of new tax breaks, expanded health savings accounts and other GOP-favored moves.
The Wall Street Journal reported that Summers did not discuss the specific GOP proposals but said he would “continue to review the ideas you have suggested.—
“To understand the Administration’s economic approach, it is important to understand recent economic history,— Mr. Summers wrote. “The most recent economic expansion was weak compared to previous expansions with respect to both job growth and our nation’s fiscal circumstances.—
Boehner issued a statement Monday again challenging Summers and the administration on the issue of job creation.
“Every American is asking this Administration: Where are the jobs?— Boehner said. “In February, Mr. Summers himself said Americans would see the effects of the stimulus almost immediately’ but since it took effect our economy has lost roughly three million jobs and more families and small businesses are struggling than ever before. We need to help small businesses create jobs, but the Democrats’ proposals for more of the same stimulus spending are the wrong approach and an acknowledgement that the first one isn’t working.—