Geithner declares Mission Accomplished: “Welcome to the Recovery”

Well, Treasury Secretary Tim Geithner did it. He declared Mission Accomplished.

In a New York Times op-ed, titled Welcome to the Recovery, he argues that the Administration’s economic plan is working — even better than expected.

“Recent data on the American economy shows that we are on a path back to growth.”

Among his points:

“From the start, President Obama made clear that recovery from a crisis of this magnitude would not come quickly”

Ken’s Note: Well actually, the president said that the almost $1 trillion in stimulus money would be quickly deployed to shovel ready projects that would keep the unemployment rate under 8%. As everybody knows, it has been hovering just shy of double digits.

“The new data show that this recession was even deeper than previously estimated.”

English translation: Our initial analysis was deeply flawed, but you can trust that we’ve got this sucker figured out now. Don’t judge us based on our track record.

“We  expect the unemployment rate to go up before it goes down.”

Ken’s Note: How much recovery can we stand?

“The economic collapse drove tax revenue down, pushing the annual deficit up to $1.3 trillion by last January.”

Ken’s Note: Who could ever have imagined that lower aggregate income would generate less tax revenue

“It would be irresponsible to continue the Bush tax cuts for the wealthy.”

English translation: Let’s defy all empirical evidence and see what happens when you raise taxes during a recession.

Kens Note: I love it when a guy who was caught cheating on his taxes lectures on taxpaying responsibility.

* * * * *

I don’t know about you, but I slept well last night…

NY Times, Welcome to the Recovery, August 2, 2010
http://www.nytimes.com/2010/08/03/opinion/03geithner.html?_r=1&ref=opinion

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s