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FLORIANOPOLIS, Brazil – A few recent glimmers of economic hope emerging in the United States do not mean the global crisis is over, a top economist who advises US President Barack Obama said Saturday.
The crisis “is certainly the worst that I have seen in my career,” Martin Feldstein, a 69-year-old Harvard economist and member of Obama’s Economic Recovery Advisory Board told a world tourism conference in Brazil.
“The evidence simply doesn’t support” the conclusion that the United States is on its way to a sustained recovery, said the academic, who also served as an advisor under former presidents Ronald Reagan and George W. Bush.
He added that Europe’s economy is “equally bad if not worse than in the US,” and “Japan has been hit even harder.”
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While some US observers and media in recent weeks have struck an optimistic tone on the back of a rebound in the stock market and positive results from big US banks, Feldstein said that was “temporary” because the bad news far outweighed the good.
He stressed that a “one-time rise in GDP due to the stimulus package” implemented by Obama’s administration was being extrapolated across the rest of the year.
