deferred_maintenance   1

Lawrence H. Summers: ‘There are many ways of burdening our future’ - The Globe and Mail
Special to The Globe and Mail
Published Friday, Mar. 20 2015

Lawrence Summers: confidence is the cheapest form of stimulus.

If a young person asked you, ‘How do I thrive in a low-growth economy?’ what would your advice be?

It’s never been more important to be comfortable with technology, to be well-educated, to not just know things, but know how to learn, and develop a set of distinctive skills that employers can value. For people who are able to do those things, the combination of technology and global markets will make this a moment of immense opportunity........There are many ways of burdening the future. One is to borrow money – though, given how low interest rates are, those burdens aren't that great. Another is to defer maintenance. Those costs accumulate at a much greater rate, and that's why I think infrastructure investment is so very important. Another way to burden future generations is to scrimp on education. Another way is to fail to invest in basic scientific research. Another way is to saddle them with huge pension liabilities for those who are working, serving the public today. We are doing all those things.
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march 2015 by jerryking

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advice  america_in_decline?  automation  confidence  downward_mobility  economic_stagnation  economic_stimulus  economy  growth  infrastructure  larry_summers  leaps_of_faith  low_growth  new_graduates  rudyard_griffiths  skills  slow_growth  technology  the_great_decoupling 

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