OBAMA TREASURY SECRETARY: Trump has gotten 'a lot of luck' when it comes to the economy - but that could end soon
Alex Wong/Getty Images
- Former Treasury Secretary Jack Lew spoke to Politico's Money podcast about President Donald Trump, the economy, and the 2016 election.
- Lew said Trump has been "lucky so far" that no external shock has derailed the economy.
- The Obama appointee also said there were a slew of geopolitical and economic issues that could cause a crisis for Trump in the coming year.
Former Treasury Secretary Jack Lew said he that President Donald Trump has been the beneficiary of luck so far with the economy - and he warned that sometimes, luck runs out.
In an interview with Politico's Ben White for the Politico Money podcast, Lew said the global economy had been incredibly resilient during the first year of Trump's presidency compared to many years under President Barack Obama, who appointed him to his former post.
"They've had a lot of luck so far," Lew said. "We, in our first few years and for a long time, there was a crisis that exploded that you just had to deal with."
Lew, who was also Obama's chief of staff from 2012 to 2013, said a variety of external issues could derail the economy and markets - Trump's protectionist trade policies, military conflict with North Korea, increasing federal deficits - that so far have not made a dent.
"The world is on the edge right now but is not breaking through on most of those issues," Lew told Politico. "The question is what happens if one of those crises actually switches from being potential to real."
In addition to talking about the global economy, Lew also looked back at the 2016 election, saying that he "had a bad feeling before the election" and recounting talking to Treasury Department staffers the next day.
"A lot of them who were younger than me hadn't experienced crushing election outcomes," he said. "And the country survived and we survived and the pendulum swung back. You take two steps forward, you take a step back."
You can listen to the full interview here »
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market