Summers says U.S. will be better prepared

WASHINGTON, March 13 (UPI) -- Americans and America will emerge more prosperous and better prepared when the U.S. economic crisis ends, a key presidential economic adviser said Friday.

"No one can predict when this crisis will be resolved. But in resolution, I am confident there is enormous opportunity for both Americans and for the United States of America," Larry Summers, director of the National Economic Council, said during a speech at the Brookings Institution in Washington. "We can and we will emerge more prosperous, stronger, wiser, and better prepared for the future."

U.S. President Barack Obama's administration embarked on the "boldest economic program" promoting recovery and expansion in two generations, Summers said. The stimulus plan of providing direct support of jobs, a financial security strategy and addressing the housing market addresses the issues that led to the economic mess, he said.

"Taken together, these steps to support incomes, increase the flow of credit and normalize housing market conditions address each of the vicious cycles that is leading to decline," Summers said.

But the Obama administration has looked beyond economics to help lift the country recover from its economic malaise by including reforms in healthcare, energy initiatives and education in the mix, Summers said.

Noting he spoke in the "language of economists and economic policy," Summers said debaters of the abstract must remember "our economic policies affect real lives -- and economic problems cause real pain."