We have the most flexible and adaptive economy. Making sure we sustain the ability of the American economy to perform well is really the priority of economic policy.
You don't fix the problem until you define it.
But clearly an economy that's growing and expanding like this one - and it certainly is doing that with high GDP output, employment numbers strong, capacity utilization strong - that's an environment in which the Fed needs to continually be alert to early signs of inflation.
Higher energy prices act like a tax. They reduce the disposable income people have available for other things after they've paid their energy bills.
We have the deepest and most liquid capital markets in the world.
We can get more energy out of the north slope of Alaska; we have available the ability to make ourselves less dependent on those uncertain sources of supply from the Middle East. And it's important we do that.
We have a serious structural deficit problem. And it needs to be addressed. The president is trying to address it through reforms of Social Security, but the problem is there with other entitlement programs like Medicare and Medicaid.
Well, I make a practice of not commenting on the role of the relative exchange value of our currency.
Well, I think the best thing we can do for the short term is move good energy legislation through to the Congress; I'm encouraged that there's some prospect for that now.
Well, I think the global economy is in the position for continuing good growth with inflation well in check.
And one of our points of continuing conversation with our trading partners is the urgency of their taking steps to remove barriers to their improved growth performance.
Everybody you talk to about insurance says the insurance market has become a lot more vibrant as a result of lifting, allowing the foreign direct investment.
And I think the American people look to the leaders to lead. They look to the leaders to take on the big problems. And the president deserves a lot of credit for doing that.
We must start with the reality that corporations cannot guarantee anyone a lifetime job any more than corporations have a guarantee of immortality.
Our view is that economic isolationism is the wrong way to go. Vibrant, successful growing economies that advance the interests of their citizens engage the global economy. And, we're committed to engaging the global economy.
Telecom is a dramatic success in India and our view is, respecting the political process, and respecting the fact that these are sovereign decisions, is that, approaching India as a friend.
Well, there's no doubt about the fact that, that higher energy prices lead to greater conservation, greater energy efficiency, and they also, of course, play a useful role on the supply side.
Our GDP growth rates are creating - our high GDP growth rates, the success of our economy means we're creating lots of disposable income.
We're focused on doing the things that make the economy perform well, and as you do that, reduce deficits, for one, very important; secondly, keep growth rates high, very important.
We have to keep our eye on inflation, but so far inflation remains reasonably in check on the global stage.
I think we'll build a consensus for action on Social Security reform which will reduce that long-term unfunded obligation and put the system on a sustainable basis.
And we have abundant natural energy resources in the country. We haven't been taking adequate advantage of them, and we can burn coal in a clean way; we could improve the grid.
Higher energy prices act like a tax.
We promote domestic savings by also things like the personal accounts associated with the president's Social Security initiative, which over time would generate more savings.
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