Summers defends the actions of the president

Just over a week removed from a midterm election that did away with a Democratic majority in the House of Representatives, Larry Summers arrived at UNC to argue that the policies pursued by President Barack Obama were worth the political fallout.

Summers, the director of the National Economic Council and assistant to the president for economic policy, made that pitch Thursday to a packed crowd inside the FedEx Global Education Center.

“No doubt a very consequential choice was made to use the window that the president had to do as much renewal as he could,” Summers said. “That did have political consequences, but I think it’s going to prove to have been worth it.”

He said the administration’s policies have kick started the economy’s recovery.

“Yes, we are ascending,” Summers said. “Yes, it is very clear if you look that we have been through the valley and we are past the low point of the valley, but we’re a long way from the other side of the canyon.”

Summers was brought to campus for free by the Global Research Institute, which hosted former U.S. Treasury Secretary Henry Paulson earlier this year.

He was introduced by Chancellor Holden Thorp, and interviewed in front of the audience by Bill Harrison Jr., former chief executive officer of JPMorgan Chase & Co.

“There are no problems I think that are more real than the ones we’re here to talk about tonight,” Thorp said.

Summers said the government’s efforts in the past year to reform health care, reduce unemployment and launch an economic stimulus package have not been universally supported, but have made major improvements.

“Clearly the president launched an agenda of unmatched ambition since the second World War,” Summers said.

Daniel Lebold, director of development for UNC Global, said the organization wanted to bring a more liberal voice to campus, since Paulson was part of the Bush administration.

Summers emphasized that the public doesn’t realize all of the harm that Obama administration policies averted.
Thorp echoed that belief after the speech.

“One of the things that’s really important to understand is that a lot of people in public life do things that are courageous that really keep bad things from happening,” Thorp said.

“The terrorist attacks that don’t happen,” he added. “The financial meltdowns that don’t happen. Public officials don’t get credit for that. Larry was trying to explain some of that, and I wish voters and taxpayers could hear that.”

UNC-system President Erskine Bowles said the speech, though related to politics, lacked the calculated quality of a speech or television address.

“I think anytime you get to listen to Larry Summers, I learn something,” he said. “His answers are never canned answers. It’s never a political speech. It’s always provocative.

“It always challenges you.”

Contact the University Editor at udesk@unc.edu.