Feds are underpaid, former Obama economic adviser says

Feds are underpaid, former Obama economic adviser says

Mark Lennihan/AP file photo

An underpaid federal workforce is one of many short-sighted legacies the nation risks passing to the next generation if it fails to spur the economy through long-term investments in infrastructure, economist Larry Summers said Thursday.

“If the federal work force is underpaid, that will compromise our children as well,” the former Obama economic adviser and Clinton administration Treasury secretary said in a talk titled “Beyond the Fiscal Cliff” at the Center for American Progress.

Unwillingness to actively spend to avoid economic stagnation “is like a company making a commitment only to quarterly or annual earnings,” Summers said. Continue reading “Feds are underpaid, former Obama economic adviser says”

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