From an NBC "Today" interview yesterday with Treasury Secretary Lawrence Summers:
Katie Couric: The American economy is doing incredibly well, experiencing its ninth straight year of economic growth. But what worries you the most?
Lawrence Summers: Well, I feel good. I think we're well-positioned for the future, with unemployment so far down, with workers and businesses so productive and competitive.
Q: But what worries you?
A: . . . There are three things I think we've got to keep in mind. We can't become complacent or overconfident, because that's how mistakes are made. We've got to work to bring down our trade deficit by opening markets and promoting exports. And we've got to work, as the president is this week, on America's new markets, the less fortunate parts of our country, to make sure that we take advantage of what is a terrific and very special moment for our economy to include all Americans.
Q: . . . Are you worried about inflation?
A: I feel good about where the economy is. And if we can keep our fundamentals strong and continue the terrific productivity improvements, I think we've got room to give people wage increases that run ahead of price increases and represent really higher standards of living. And ultimately, that's what government has as its central responsibility -- to keep the economy strong, to provide a framework in which people can have opportunity and enjoy rising standards of living.