Treasury Secretary Jack Lew said Wednesday that there’s “a lot of work” still to be done on the U.S. economy, an admission from a top White House official that the billion-dollar stimulative policies of the past six years have yet to deliver their full results.
"We have to remember we've come a long way," Lew said Wednesday on CNBC. "We've made a lot of progress. We came from a bad place."
But there's still "a lot of work to do," he added.
Lew said his top priority when members of the International Monetary Fund meet this week in Washington, D.C., will be to jumpstart the global economy. He also called on so-called “surplus economies” such as Germany’s to do more to help stimulate growth, adding that Europe and the rest of the world have a “demand problem.”
"The risk of low demand and the risk of inflation is something they need to be alert to," Lew said.
"If you go to main street America and ask people if they've been made whole from the financial crisis, I doubt a lot of people would tell you they've been made whole,"
The Treasury secretary was also careful to note that he’s concerned with domestic growth, adding that he’s focused on job training and infrastructure programs.
"We're doing our part," he added. "We made tough decisions six years ago, and we stuck with them. We have our economy growing. We reformed our financial system. We have our fiscal house in a much better place."
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