Larry Summers, the 71st US Secretary of the Treasury (under President Clinton) and President Emeritus and professor of economics at Harvard University, sees more than most that America’s best days are ahead. Dr. Summers predicted America’s current tussle with inflation, the highest profile person to so. He observed excess liquidity, high savings and low interest rates likely would pressure prices and he was right. Now, America must raise interest rates and print less money. For individuals concerned today he suggests we (1) take a deep breath and look around, (2) note we are in a world of abundance not shortages, and (3) recognize that while America current challenges are tough, we live in the most tolerant times ever. Americans should focus more on their strengths than weaknesses and be cautious about short term spending until this inflation phase ends, which it will. We live in a great time and country. A simple test is to ask, where do investors want to invest and where do talented people want to live? The answers are mostly America, not China or other nations. We have numerous advantages, including great universities, inventions of drugs and vaccines and clean energy tech, and cultural factors that other countries desire. Many predict America’s doom, but few countries actually use such predictions to improve – we do! Listen to and watch one of the world’s financial experts opine optimistically about America!
Watch the full episode on our YouTube channel, The Optimistic American!