National Economic Council Chairman Lawrence Summers said yesterday that the worst of the nation's economic woes could be behind us.
"I think we can be reasonably confident that that's going to end within the next few months and that you'll no longer have that sense of free fall," he said during an address at the National Economists Club.
Summers said he based his conclusion on the "anecdotal flow" of data. Though he said it could take a while to reverse the job losses to plague the economy.
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While Summers was discussing the big economic picture, President Obama was encouraging people to help the economy and themselves by taking advantage of his administration's programs to help people refinance their houses.
"There are seven to nine million people across the country who right now could be taking advantage of lower mortgage rates," he said. "That is money in their pockets."
He estimated that it could save families between $1,600 and $2,000 annually.
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