Treasury's Snow: U.S. Economy Has 'Turned the Corner'

U.S. Treasury (search) Secretary John Snow (search) Thursday expressed strong optimism about the economy, forecasting an accelerating recovery which will create more and more jobs.

"It's clear we're in the midst of a good recovery. We've turned the corner," Snow said in an interview on Fox News Channel's Your World with Neil Cavuto. Click here for a transcript of the interview.

"I think we're poised for good news on the economic front for some time to come," he said, adding that he thought the United States was "getting into the sweet spot of the economy."

"I think we're going to have a good economy. I think all the signs point to a good recovery," Snow said. "Actually, an accelerating recovery in which we'll see more and more jobs created, continuing strong capital spending, continuing high productivity, low inflation, low interest rates. I think we are — as somebody described it to me recently, we're getting into the sweet spot of the economy." 

Snow also told Fox he had been in contact with former Treasury Secretary James Baker about the issue of Iraqi debt reduction.

"Without substantial debt relief, the Iraqi people will not have the opportunity for the peace and prosperity that they deserve," Snow said.