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
The deficit - the U.S. knows our deficit is too large. We are committed to bringing it down. We are bringing it down. The deficit came in for fiscal year '05 at considerably below where it was the prior year.
The deficits are modest, manageable, and will recede to zero,
We recognize that the deficit matters, that we need to keep on a path to cut the deficit in half.
We can afford an increase in the deficit for a year or so,
Inflation is still pretty well in check. We do have energy prices that are unwelcome, too high. I hope Congress can take some action on that.
The banking sector overall remains healthy and strong.
It's important that competitive balance be a part of the final outcome,
It's clear the potential of the financial sector to play a larger role in the economy is enormous,
It offers the opportunity for far-reaching structural reforms, ... We trust and hope that the measure will be successful.
Social Security represents an $11 trillion unfunded obligation. And when I say unfunded obligation, I mean we have to come up with $11 trillion at some point to make the system whole.
to allow market forces to set exchange rates, to let the fundamentals of the marketplace drive exchange rate changes.
We need to get sober-minded people looking at the facts and realizing that if we wait it becomes impossible to deal with the situation,
Completion of this transaction strengthens our balance sheet, increases shareholder value and allows us to focus more of our energies on our core railroad business,
a very important idea ... which would help deal with the whole issue of long-term sustainability of the Social Security system.