John W. Snow
John W. Snow
John William Snowwas the CEO of CSX Corporation, and served as the 73rd United States Secretary of the Treasury under U.S. President George W. Bush. He replaced Secretary Paul O'Neill on February 3, 2003 and was succeeded by Henry Paulson on July 3, 2006, in a move that had been anticipated. Snow submitted a letter of resignation on May 30, 2006, effective "after an orderly transition period for my successor." Snow announced on June 29, 2006 that he had completed...
NationalityAmerican
ProfessionEconomist
Date of Birth2 August 1939
CountryUnited States of America
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.
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.
Higher energy prices act like a tax.
We have the deepest and most liquid capital markets in the world.
Well, I make a practice of not commenting on the role of the relative exchange value of our currency.
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.
We have to keep our eye on inflation, but so far inflation remains reasonably in check on the global stage.
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.
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 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.
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.
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.
Our GDP growth rates are creating - our high GDP growth rates, the success of our economy means we're creating lots of disposable income.
The global economy is in pretty good shape.