Ex Treasury Secretary Jack Lew stated that US President Trump has been benefiting from luck so far with the economy — and he advised that at times, luck runs out.
In an interview at the Politico Money podcast, Lew said the global economy had incredibly endured the first year of Trump’s presidency compared to number of years under President Barack Obama, who had appointed him to his past post.
“They have had lots of luck all he while,” Lew said. “We, in our first few years and for a long time, there was a crisis that gushed that you just had to correct.”
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Lew, who also became Obama’s chief of staff between 2012 and 2013, said different external issues could alarm the economy and markets — Trump’s proponent trade policies, military opposition with North Korea, more federal deficits — that since haven’t made a dent.
“The world’s on the edge at the moment but is not overcoming most of those issues,” Lew told Politico. “The question is what will happen if one of those crises really switches from being potential to real.”
In addition to discussion on the global economy, Lew also flashed back at the 2016 election, stating that he “had a terrible feeling before the election” and recounting speaking to Treasury Department staff the next day.
“Many them who were younger than me had not been through crushing election outcomes,” he said. “And the country survived and we endured and the pendulum swung back. You take two steps forward and take one step back.”
You can listen to full the interview on iTune here
Credit: Business Insider