Tag Archives: Geithner

Truly Remarkable

I never watch the Sunday talk shows unless they have something to do with hockey or football, so I missed this until last night. Treasury Secretary Tim Geithner, he of the unpaid taxes, was on and made the following statement:

This president’s policies were extremely successful. If you measure what we did relative to the record of the United States in past crises and the record of other countries, history will judge what he did as remarkably effective crisis management at a deeply dark time for the world economy.

There’s colorful rhetoric, there’s political ‘spin’, …and then there’s that.

Did he actually say “remarkably effective”? Wow. We are three years into this presidency and our true unemployment is in the teens, for Pete’s sake. From the Congressional Budget Office:

The official unemployment rate excludes those individuals who would like to work but have not searched for a job in the past four weeks as well as those who are working part-time but would prefer full-time work; if those people were counted among the unemployed, the unemployment rate in January 2012 would have been about 15 percent.

Well, maybe so, but with all of the stimulus spending (despite our runaway debt), at least the people who ARE working are doing better, …..right?

Ummm, not so much. US poverty levels have now reached all-time highs.  In the year after the stimulus passed, 2.6 million Americans fell into poverty.  Overall, 6.3 million more Americans are living in poverty today than when Obama took office.

Add in the inexplicable veto of the Keystone Pipeline, a busload of failed ‘investments’ in green energy, and the fact that our Gross Domestic Product (GDP) only grew 1.7% last year, or basically half of what it was in 2010….and you have something that is indeed remarkable.

Just not remarkably successful.