Larry Summers, who will not be our next Federal Reserve chairman, talked with Charlie Rose this week about what he called "sad and difficult" times in Washington.
"Nobody should be proud of the governance process that produced the last several months," Summers told Rose. The former Treasury Secretary added that if the economy could grow just a wee bit faster, all this talk of slashing and/or burning food stamp programs, Social Security benefits and the like would be entirely unnecessary.
Then came the money quote:
"[I don't know] why the obsession should be with entitlements -- like the test of a country is did we scale back entitlements? No! The test of the country is did we have a stronger economy for our children than we had for ourselves. That’s what is in doubt and that’s what we should be focusing on."