Geithner: Yeah, we don’t have a solution to the debt problem

posted at 1:55 pm on February 17, 2012 by Ed Morrissey

Guy Benson calls this “the political quote of the year,” but it may be more like the defining moment of Obamanomics and Barack Obama’s fiscal policies.  Paul Ryan destroyed interim OMB chief Jeffrey Zients in testimony before Congress this week already, deconstructing White House claims to have $2 trillion in deficit reduction over the next ten years when their contribution to that effort was only $400 billion, or roughly $40 billion a year.  In this five-minute clip, Ryan points out that the budget he proposed last year actually eliminated deficit spending over the long term, while the budget Obama proposed this week estimates escalating debt for decades to come.  When Ryan asked Treasury Secretary Tim Geithner why Obama isn’t even making an attempt to solve the long-term problem, Geithner responded with a moment of breathtaking — and shocking — honesty:

Treasury Secretary Timothy Geithner, speaking on behalf of the Obama White House, to Rep. Paul Ryan: “You are right to say we’re not coming before you today to say ‘we have a definitive solution to that long term problem.’  What we do know is, we don’t like yours.”

Guy sums this up well:

Those two sentences speak to a mentality so bereft of intellectual vigor, so stunningly and candidly shallow, so thoroughly irresponsible, so politically myopic, selfish, and cowardly, that it should disqualify this crew from a second term in office.  What a disgrace.  Remember this moment the next time Democrats accuse the GOP of being the “do nothing,” intransigent, “party of no.”

In fact, it’s about as perfect a representation of Obama’s economic policy as we’ll see.  The budget is full of short-term gimmicks to make it appear that the White House wants to close deficits, but it relies on tax increases and phony savings from projected war spending that wasn’t going to occur anyway to make the claim.  They do nothing at all about the structural problems of America’s long term economic issues (especially debt and unfunded liabilities from entitlement programs), but instead focus narrowly on relatively short-term outcomes to disguise the fact that they cannot and/or will not fix the long-term problems.  And as Geithner says in this response, while they won’t or can’t provide leadership, they will be happy to torpedo those who can and will — like Paul Ryan.

Make sure to store this moment in the memory banks.  The GOP will be using this clip for a very, very long time to come — along with the two charts Ryan shows during the exchange.  Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it.  He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.


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TURBO TAX!

KOOLAID2 on February 17, 2012 at 1:57 PM

Shouldn’t Timmy be busy not doing his taxes?

NoDonkey on February 17, 2012 at 1:57 PM

Make sure to store this moment in the memory banks. The GOP will be using this clip for a very, very long time to come — along with the two charts Ryan shows during the exchange. Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it. He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

No the Republicans will screw this up!

KOOLAID2 on February 17, 2012 at 1:59 PM

“You are right to say we’re not coming before you today to say ‘we have a definitive solution to that long term problem.’ What we do know is, we don’t like yours.”

Smart power!!

mankai on February 17, 2012 at 2:01 PM

But…. We had to have Timmy! He was the only one who understood TARP!

Lanceman on February 17, 2012 at 2:01 PM

No the Republicans will screw this up!

Agreed!

doublelbbc on February 17, 2012 at 2:02 PM

You are right to say we’re not coming before you today to say ‘we have a definitive solution to that long term problem.

They may not have a definitive solution, but they sure as hell do have an asinine one!

adjectives

ted c on February 17, 2012 at 2:03 PM

The GOP will be using this clip for a very, very long time to come — along with the two charts Ryan shows during the exchange.

No they won’t Ed. The GOP is no more concerned about the problem than Obama or the American people.

We have passed the point of no return.

JPeterman on February 17, 2012 at 2:04 PM

But wait, Yahoo! has already declared Obama the winner of the next presidential election, 303 electoral votes to the Republican candidate’s 235 votes. So really, none of this matters.

WordsMatter on February 17, 2012 at 2:04 PM

Timmy needs to borrow Hillary’s “Reset” button. That thing is amazing.

mankai on February 17, 2012 at 2:04 PM

This administration is a case of acne on the face of democracy. Obama is the huge zit on its nose. The bacteria that causes it is liberalism, and if it isn’t treated aggressively, permanent scarring could result.

Jeffster on February 17, 2012 at 2:05 PM

Mr. Ryan should have asked him Timmeh if he felt the President’s budget was good for his kids?

Seriously, how could you not feel no shame????

WashJeff on February 17, 2012 at 2:05 PM

The plan has always been some form of default. I’m not sure any country has ever repaid its national debt.

flyfisher on February 17, 2012 at 2:05 PM

They do nothing at all about the structural problems of America’s long term economic issues (especially debt and unfunded liabilities from entitlement programs), but instead focus narrowly on relatively short-term outcomes to disguise the fact that they cannot and/or will not fix the long-term problems.

Here’s the kicker. There’s no doubt Obama and his crew thought the debt crisis was at least a decade away if not more. In other words, no matter how irresponsible and corrupt they were while in office, the assumption was the next administration or the one after that would be forced to deal with it. And with any luck, it would be a Republican meaning the Dems could blame it all on the other party.

But Obama and the Dems have run up the tab so much while piling on even more entitlements like Obamacare that the crisis is no longer decades away. It’s probably gonna hit within the next few years. Even quite possibly halfway through his second term if he somehow manages to get reelected. And if and when that day comes, he’ll have to lead. He can’t skip town for a fundraiser or rally. He can’t blame Bush. He can’t point his finger at Congress. He’ll be forced to act and most importantly, he’ll have to go on TV to explain to the American people why severe austerity measures are suddenly necessary. As much as another term with this guy scares the crap out of me, the schadenfreude on that day from the look on his face will almost make it worth the pain.

Doughboy on February 17, 2012 at 2:06 PM

The “solution” … or should I say the “resolution” of this madness of uncontrolled spending will be a re-enactment of Greece –
America, in flames.

You can’t avoid catastrophe, just because you say you can – especially when you continue to worsen the very thing that leads to catastrophe.

But, I’ve always thought that economic collapse is the ultimate goal of these Communists. You must destroy America, before you can rebuild her into Utopia.

OhEssYouCowboys on February 17, 2012 at 2:06 PM

Hey folks… give Obama a break! Remember–He won. Rome had this problem too and they eventually collapsed.

Elections have consequences….

steved95 on February 17, 2012 at 2:06 PM

Those two sentences speak to a mentality so bereft of intellectual vigor, so stunningly and candidly shallow, so thoroughly irresponsible, so politically myopic, selfish, and cowardly, that it should disqualify this crew from a second term in office. What a disgrace. Remember this moment the next time Democrats accuse the GOP of being the “do nothing,” intransigent, “party of no.”

Spot on.

mankai on February 17, 2012 at 2:06 PM

What we do know is, we don’t like yours.

More accurate, really.

iurockhead on February 17, 2012 at 2:06 PM

He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

Ed, you give the Republicans too much credit!

herm2416 on February 17, 2012 at 2:07 PM

Hey, according to the Huffingtonpost, this is all “Entitlements Hysteria”.

Have they always been adverse to the words of the Downgrade Administration in the guise of Timothy Geithner?

Chip on February 17, 2012 at 2:09 PM

|
|
Boom goes the dynamite.

AeroSpear on February 17, 2012 at 2:09 PM

But, I’ve always thought that economic collapse is the ultimate goal of these Communists. You must destroy America, before you can rebuild her into Utopia.

OhEssYouCowboys on February 17, 2012 at 2:06 PM

“……Any revolutionary change must be preceded by a change among the mass of our people. They must feel so frustrated, so defeated, so lost, so futureless in the prevailing system that they are willing to let go of the past and chance the future. This acceptance is the reformation essential to any revolution.”

-Saul Alinsky, in the prologue to “Rules for Radicals.”

It’s called “prepping the battlefield.” Cloward Piven, and all that (which was inspired by Alinsky).

iurockhead on February 17, 2012 at 2:10 PM

Timmah should be in jail for tax fraud.

rbj on February 17, 2012 at 2:10 PM

Wasn’t this guy supposed to be the ONLY one in the universe who was capable of solving our economic crisis?

I so want this to simply be an SNL skit. Alas…

somewhatconcerned on February 17, 2012 at 2:11 PM

Where I have not been able to succeed so far, but I haven’t given up, is changing the tone in Congress and creating an attitude between Democrats and Republicans where we focus on where do we agree, where are our common sense solutions, let’s stop trying to score political points or play to the next election instead of playing in the long game. We haven’t been able to do that, yet. And I’m the first one to acknowledge that there are times where it can be awfully frustrating. But what gives me confidence is that’s where the American people are, they’ve got common sense. They’re focused on trying to find solutions instead of just scoring political points and hopefully, over time, politicians who take that same attitude will be rewarded. – Barack Hussein Obama

“You are right to say we’re not coming before you today to say ‘we have a definitive solution to that long term problem.’ What we do know is, we don’t like yours.” – Timothy Franz Geithner

Apparently Timmy didn’t get the memo.

Left Coast Right Mind on February 17, 2012 at 2:11 PM

I wish I could feel your optimism, Ed. I suspect: 1. The GOP will bungle it. 2. If they don’t, the “reporters” will bias the Americans against the facts. 3. If they don’t, the Americans won’t understand it, anyway.

kunegetikos on February 17, 2012 at 2:11 PM

Hey, where did all of our resident libs run off to? Those clowns disappear at the oddest times…

Kataklysmic on February 17, 2012 at 2:11 PM

TurboTax Timmy doesn’t even blush at serving up a chart like that. Not a good sign.

kunegetikos on February 17, 2012 at 2:14 PM

Does Geithner have an explanation for why $6 TRILLION in U.S. bonds were seized in Zurich?

$6 Trillion In US Bonds Seized In Zurich, Said To Pose “Severe Threats To International Financial Stability”

flyfisher on February 17, 2012 at 2:14 PM

Yeah, but it’s more important to blather on and on about free condoms for all!

/MSM

Chip on February 17, 2012 at 2:14 PM

If Obama wins, who will he blame for the mess he inherited?

herm2416 on February 17, 2012 at 2:14 PM

Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it. He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

Oh yeah ? :O
Wait until the lotion-luvrz @ Media Matters write the primetime stories for the media,
the stupid people of America a k a Obama voters will never get to know this truth about Geithner

burrata on February 17, 2012 at 2:16 PM

Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it. He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

Ed, you are a really good man and I am grateful to be able to post here. If you think that the dems won’t find a way to pin the debt troubles on the repubs—-esp. given their prior track record of fecklessness then MN or your prior life in CA damaged you.

Just look at Michelle’s write up on the Maxine Waters non-investigation.

arnold ziffel on February 17, 2012 at 2:16 PM

Never let a crisis go to waste – even if you have to manufacture one.

Is it just me, or does Timmy G. always look as though he is terrified of being caught doing something? Not that our Glorious Old Politicians would ever REALLY do anything to him or his boss; might upset the gravy train.

ghostwalker1 on February 17, 2012 at 2:16 PM

Is there anyway to get his full quote??

The video cuts off, right after the quote….I would like to hear the rest of it…

But as it is, it does look bad for the One….but having the full context of the quote would be good also….

MityMaxx on February 17, 2012 at 2:16 PM

I’m shocked, shocked that Little Timah doesn’t have a clue.

Iblis on February 17, 2012 at 2:17 PM

Neither do “So-con crusader” Santorum or Mittens Flopney, so you’re in good company Timmy. None of the douchebags the illiterate populace of the US are willing to elect ever have solutions. That’s why they get elected.

Americans simply don’t want to hear that their country isn’t as great and “exceptional” as they want to believe, and that the “greatness” they think their country is entitled to comes at the expenses of having BY FAR the most debt in the world, more than the next 10 or so countries combined.

Daikokuco on February 17, 2012 at 2:17 PM

If Obama wins, who will he blame for the mess he inherited?

herm2416 on February 17, 2012 at 2:14 PM

Bush. The GOP House. Bankers. The wealthy. Same as now.

kunegetikos on February 17, 2012 at 2:17 PM

TAX CHEAT geithner: “Incompetence We Can Believe In.”

As the symbol of NO INTEGRITY, NO ETHICS, NO CONSCIENCE and NO BRAINS in the TAX CORRUPT pelosi-hussein regime, geithner is a constant reminder to voters of the horrific mistake they made in the last presidential election. TAX CHEAT tiny tim geithner will help motivate voters to correct that mistake in the next one.

TeaPartyNation on February 17, 2012 at 2:19 PM

Took him long enough but he finally proved his worth. Kinda glad Obama didn’t fire the guy before now :D

Ukiah on February 17, 2012 at 2:21 PM

A lot of Democrats like to make a big deal about a sentiment expressed by a lot of Republicans – namely, “anybody but Obama, please!” They complain that “all Republicans care about is getting Obama out of office, regardless of who replaces him or what their plans are for the country!”

Well, this sounds like the exact same mentality to me – we don’t care if our budget proposal is incomplete and fails to address long-term problems, we just care that it isn’t your budget proposal, Mr. Ryan! That’s all that matters!

JackAsterson on February 17, 2012 at 2:21 PM

I’ve been Internet wranglin’ a long time, and that’s the first time a video has actually made my jaw drop.

JeremiahJohnson on February 17, 2012 at 2:21 PM

Sorry to be O/T. Is this a slam at holder’s F&F or trying to take our 2nd from the sign?

http://houston.cbslocal.com/2012/02/17/mexico-unveils-no-more-weapons-sign-made-of-firearms-along-us-border/
L

letget on February 17, 2012 at 2:22 PM

Turbo Tax Tim is about as sharp as your average marble and worth even less.

ghostwalker1 on February 17, 2012 at 2:22 PM

“Those two sentences speak to a mentality so bereft of intellectual vigor, so stunningly and candidly shallow, so thoroughly irresponsible, so politically myopic, selfish, and cowardly, that it should disqualify this crew from a second term in office. What a disgrace. Remember this moment the next time Democrats accuse the GOP of being the “do nothing,” intransigent, “party of no.”

I don’t know…

… that’s pretty good, but I think I found another quote that is better:

“Timothy Geithner is more aware of the complexities of the issues facing us than maybe any other individual the president might have chosen,” said Republican Sen. Orrin Hatch of Utah.”

Seven Percent Solution on February 17, 2012 at 2:22 PM

PLEASE let the GOP use that in campaign commercials after the primary!!!!

RadioAngel on February 17, 2012 at 2:24 PM

@NoDonkey:

Shouldn’t Timmy be busy not doing his taxes?

I stand in awe. +50,000.

GrassMudHorsey on February 17, 2012 at 2:24 PM

Make sure to store this moment in the memory banks. The GOP will be using this clip for a very, very long time to come — along with the two charts Ryan shows during the exchange. Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it. He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

What in the history of the Stoopid Party makes you think they will suddenly develop enough brain cells or a spine to use this?

single stack on February 17, 2012 at 2:25 PM

The party of no ideas.

Grunt on February 17, 2012 at 2:26 PM

letget on February 17, 2012 at 2:22 PM –

Mexico – doing the job our wonderful elected politicians have no intentions of doing!

ghostwalker1 on February 17, 2012 at 2:27 PM

Liberal, you can run but you can not hide!

Conservative_Hippie on February 17, 2012 at 2:28 PM

They HAVE a solution… Or they know where the road leads… They just don’t want to admit to it.

IE: Venezuela, Zimbawe, etc.

Our democrat overlords don’t want us to know that, yes, our future is poverty and squalor. The ruling elite don’t care because they will still be living in mansions and eating Kobe beef.

wildcat72 on February 17, 2012 at 2:28 PM

single stack on February 17, 2012 at 2:25 PM –

Absolutely nothing. They don’t want to offend anyone, don’t you know?

ghostwalker1 on February 17, 2012 at 2:29 PM

Both sides know what must be done, neither will say it this year because of the election. Wait until this time next year; I believe that is when they will get serious. We will see major tax increases and spending cuts.

TouchdownBuddha on February 17, 2012 at 2:30 PM

I’m pretty sure Geithner plagiarized his chart from Greece.

John Deaux on February 17, 2012 at 2:35 PM

Excuse me while I fetch a whisk broom to clean up my jaw, which has dropped onto the floor.

bodotdot on February 17, 2012 at 2:39 PM

The party of no ideas.

Grunt on February 17, 2012 at 2:26 PM

Oh, they have ideas – they just can’t let you know about them.

Chip on February 17, 2012 at 2:40 PM

Nice Quote.

doublelbbc on February 17, 2012 at 2:41 PM

I’ve been Internet wranglin’ a long time, and that’s the first time a video has actually made my jaw drop.

JeremiahJohnson on February 17, 2012 at 2:21 PM

Oh, there is more where that came from!

Ryan: the red [line] is the status quo [through 2075], that’s the baseline we’re on.

Geithner: [laughing!] You could have taken it out to [the year] 3000 or 4000.

Ryan: Yeah, right. We cut it off at the end of the century because, you know, the economy according to CBO shuts down at 2027 on this path.

kunegetikos on February 17, 2012 at 2:43 PM

Isn’t a crime to lie to congress?

tommer74 on February 17, 2012 at 2:43 PM

If this isn’t the centerpiece of the 2012 GOP campaign, then the GOP is implicit in destroying the country. Period.

CycloneCDB on February 17, 2012 at 2:45 PM

Timmy crack corn, and I don’t care,
Timmy crack corn, and I don’t care,
Timmy crack corn, and I don’t care,
My money has gone away.

Flange on February 17, 2012 at 2:46 PM

The solution to the debt problem is simple enough. Give every dollar cut from the previous year’s actual spending back to the states, apportioned according to electoral votes. Sure, you would keep the high spending for an additional year, but one more year is better than twenty.

The barricade to a balanced budget has always been the lack of political will and politicians bad habit of buying votes with borrowed money. Any solution must include a tangible incentive for voters.

Voters would rather see the money in the hands of their home state than the Federal Government and even liberal governors would like to see that 1-time windfall of cash. Cut $1 trillion and California would receive over $100 billion. Think that might help with their budget issues?

Yosoff on February 17, 2012 at 2:46 PM

Lay off little Timmy Geithner, it is tax season and he is struggling to work out those tricky tax forms. You can’t expect a Ph.d in economics to do his taxes and solve the debt problem, one thing at a time.

Smedley on February 17, 2012 at 3:01 PM

Yosoff on February 17, 2012 at 2:46 PM

Uh, “Give every dollar cut from the previous year’s actual spending back to the states” doesn’t really work when not a single dollar is ever actually cut…

Daikokuco on February 17, 2012 at 3:01 PM

Well naturally! After all “I won!”.

GarandFan on February 17, 2012 at 3:04 PM

Here’s a plan:

End all foreign development aid (including Isreal) immediately. Then redeploy all military civil engineers and infrastructure specialists to projects within the United States. Turn all of NASA and military scientists towards developing fuel efficient cars, electric cars and other forms of renewable energy and energy conservation. End the War on Drugs overseas and domestically, legalize the sale of marijuana and significantly de-criminalize the rest. Pass a 5% federal tax on marijuana sales. End all corporate welfare, call in all TARP/auto loans in full. End gun control measures and pass a 5% tax on gun and ammo sales. Bring marginal tax rates back to where they were under the Clinton Administration.

libfreeordie on February 17, 2012 at 3:04 PM

Make sure to store this moment in the memory banks. The GOP will be using this clip for a very, very long time to come — along with the two charts Ryan shows during the exchange. Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it. He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

No the Republicans will screw this up!

KOOLAID2 on February 17, 2012 at 1:59 PM

I wish you were wrong. But you are right, the Republicans will get and take the blame for the whole debt. The Dems will skate free as always.

oldroy on February 17, 2012 at 3:07 PM

JPeterman on February 17, 2012 at 2:04 PM

No, you’re wrong. Karl Rove’s and Ed Gillespie’s PAC, American Crossroads, has been very effective at picking up things like this and making excellent commercials out of them. I expect there will be an American Crossroads commercial using this clip very soo. We just have to keep throwing their words and their record back at them and it should have a devastating effect in the general election.

GeorgiaBuckeye on February 17, 2012 at 3:08 PM

Here’s a plan:
End all foreign development aid (including Isreal) immediately. Then redeploy all military civil engineers and infrastructure specialists to projects within the United States. Turn all of NASA and military scientists towards developing fuel efficient cars, electric cars and other forms of renewable energy and energy conservation. End the War on Drugs overseas and domestically, legalize the sale of marijuana and significantly de-criminalize the rest. Pass a 5% federal tax on marijuana sales. End all corporate welfare, call in all TARP/auto loans in full. End gun control measures and pass a 5% tax on gun and ammo sales. Bring marginal tax rates back to where they were under the Clinton Administration.
libfreeordie on February 17, 2012 at 3:04 PM

Hahahahahahaha

Chuck Schick on February 17, 2012 at 3:12 PM

Is there anyway to get his full quote??

The video cuts off, right after the quote….I would like to hear the rest of it…

But as it is, it does look bad for the One….but having the full context of the quote would be good also….

MityMaxx on February 17, 2012 at 2:16 PM

…because what yours would do is put an undue burden on a middle-income senior and substantially raise the burden on them for rising health care costs.

NukeRidingCowboy on February 17, 2012 at 3:16 PM

Make sure to store this moment in the memory banks. The GOP will be using this clip for a very, very long time to come — along with the two charts Ryan shows during the exchange. Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it. He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

This assumes a level of basic entry-level competence and communicative ability among Republican leaders that is so far nowhere in evidence.

Sacramento on February 17, 2012 at 3:18 PM

Daikokuco on February 17, 2012 at 3:01 PM

Nothing works when a single dollar is never actually cut. That’s why we need to give voters tangible incentives to see cuts happen. Once cuts = votes things will finally start changing.

Yosoff on February 17, 2012 at 3:20 PM

Here’s a plan:

End all foreign development aid (including Isreal) immediately. Then redeploy privatize all military civil engineers and infrastructure specialists to projects within the United States. TurnPrivatize all of NASA and military scientists towards developing fuel efficient cars, electric cars and other forms of renewable energy and energy conservation whatever their companies direct them to develop. End the War on Drugs overseas and domestically, legalize the sale of marijuana and significantly de-criminalize the rest. Pass a 5% federal tax on marijuana sales. End all corporate welfare, call in all TARP/auto loans in full. End gun control measures and pass a 5% tax on gun and ammo sales. Bring marginal tax rates back to where they were under the Clinton Administration.

libfreeordie on February 17, 2012 at 3:04 PM

Thats a little better.

And: privatize social security, medicare/medicaid. End food stamps/unemployment benefits. Reduce military spending to no MORE than 2x the other highest spending country (would save 600 billion annually), and still be twice as strong as any other country.

Sunset all regulations after 10 years (like the Brady Bill and Bush tax cuts have automatic expiration). Force renewals with transparent votes in congress.

Daikokuco on February 17, 2012 at 3:25 PM

It’s because they control 90%, atleast, of messaging. Remember, never does it matter what you say or do, only what people hear.

Truth is what people believe

John Kettlewell on February 17, 2012 at 3:36 PM

The plan has always been some form of default. I’m not sure any country has ever repaid its national debt.

flyfisher on February 17, 2012 at 2:05 PM

Three ways to accomplsih this:

1. Simple default. Not the greatest option because it pisses of tons of people in the US and China, but it is an option.

2. Inflate your way out of debt! It is the miracle cure and the one the Fed seems intent on doing now. Last I saw they “anticipate” 32% inflation over the next 10 years. That alone will devalue our debt by almost a third. It has worked so far in the history of the Fed, but people are catching on.

3. Print more money. Quantatative easing is what they call it. Works faster than inflation but people get really mad and might just rise up and throw you out in the cold.

Johnnyreb on February 17, 2012 at 3:37 PM

Three ways to accomplsih this:

1. Simple default. Not the greatest option because it pisses of tons of people in the US and China, but it is an option.

2. Inflate your way out of debt! It is the miracle cure and the one the Fed seems intent on doing now. Last I saw they “anticipate” 32% inflation over the next 10 years. That alone will devalue our debt by almost a third. It has worked so far in the history of the Fed, but people are catching on.

3. Print more money. Quantatative easing is what they call it. Works faster than inflation but people get really mad and might just rise up and throw you out in the cold.

Johnnyreb on February 17, 2012 at 3:37 PM

Pardon me if I’m mistaken, but arent 2. and 3. one and the same “solution”?

Daikokuco on February 17, 2012 at 3:42 PM

Sorry to be O/T. Is this a slam at holder’s F&F or trying to take our 2nd from the sign?

http://houston.cbslocal.com/2012/02/17/mexico-unveils-no-more-weapons-sign-made-of-firearms-along-us-border/
L

letget on February 17, 2012 at 2:22 PM

I read about halfway down the comments on that story and it gave me some hope. Appears an awful lot of people know what F&F is and that the whole premise of all these guns coming from the US is BS.

The word is getting out.

Lost in Jersey on February 17, 2012 at 4:08 PM

Even if Obama’s budget wasn’t already DOA in Congress, Geithner just killed it. He also stuck a stake through the heart of Obama’s strategy of using it as a campaign platform to hit Republicans, and the backfire from it will last all year.

Guess what, the 20% of the electorate that belongs to the Tea Party is already pissed off. For the most part, the rest of the country either doesn’t care, or doesn’t want you to touch their entitlement programs.

Boehner was ready to strike a “grand bargain” with Obama until the right wing went ballistic, not realizing that it had missed a crucial chance for real and substantial entitlement reform. Some advice for the Tea Party faithful: next time, stay out of Boehner’s way and let the adults reach an agreement. The balance of power that favored Bohner last year has shifted and a golden opportunity was lost.

bayam on February 17, 2012 at 4:10 PM

Sorry to be O/T. Is this a slam at holder’s F&F or trying to take our 2nd from the sign?

http://houston.cbslocal.com/2012/02/17/mexico-unveils-no-more-weapons-sign-made-of-firearms-along-us-border/
L

letget on February 17, 2012 at 2:22 PM

I read about halfway down the comments on that story and it gave me some hope. Appears an awful lot of people know what F&F is and that the whole premise of all these guns coming from the US is BS.

The word is getting out.

Lost in Jersey on February 17, 2012 at 4:08 PM

I WANT to agree, but I can’t completely agree. I took it as tacit support of Holder’s position. Calderone has essentially been mute with regard to F and F, too mute. Is this in support of Holder’s position that “90% of weapons are from the US” and he wants Americans, most of whom have little knowledge of F and F because of lack of MSM coverage, to pressure Holder to ban all weapons? It’s a tough call.

herm2416 on February 17, 2012 at 4:26 PM

Most Americans just become glassy eyed listening to this stuff. Paul Ryan has the numbers, just wish he had the stones to step up to the plate. I would have latched on to the bastard and promoted him to high heaven if he would have run for President.

Timmy G is just a dishonest snivelling little puppet, the debt will increase at least a trillion every year.

Africanus on February 17, 2012 at 4:28 PM

Just before Geithner uttered those two sentences in the clip, he also, significantly, contradicted another assertion by Ryan:

Ryan: “We have ten thousand people retiring every day…”

Geithner: “We have millions of people retiring every day…”

Millions of people retiring every day, it’s so laughable. We are a country with a population of just over 300 million. If “millions” of them were retiring “every day”, I think we would have noticed it.

What a liar, just like the administration he represents. I spit.

RushBaby on February 17, 2012 at 5:28 PM

I know I am late to comment on this, but I just had a vision of Paul Ryan debating the One in a Presidential debate in September after he is nominated at a brokered Republican Convention.

I can dream can’t I

Ryan would be Obama’s worsted nightmare

Sparty on February 18, 2012 at 9:01 AM

Let me see if I can summarize . . . Geithner sez that the Administration has absolutely no solution for our very serious national fiscal problem, one that he fully admits exists . . . i.e., that current spending levels are simply unsustainable.

He even seems to concede that the long term outlook is for a debt crisis to inevitably occur, perhaps by 2027. He also admits that Congressman Ryan has offered a long term solution to that problem, but that the Administration doesn’t like it!

So instead, he acknowledges that they have instead offered a proposal that will paper over the problem for a few more years, but that will unquestionably make the problem worse in the long run.

Am I missing anything?

Trochilus on February 18, 2012 at 9:54 AM

Could this be a photo of Geithner after the slam dunk by Ryan?

Trochilus on February 18, 2012 at 11:09 AM

Hmmmmm . . . let’s try that again here.

Trochilus on February 18, 2012 at 11:12 AM

Dear Tim Geithner,

Remember this? Here was the bottom line from YOUR plan.

. . .
• Cut the deficit in half by the end of the President’s first term.

On January 20, 2009, the President inherited a $1.3 trillion budget deficit. The President has put forth a budget that will halve this deficit by the end of his first term, bring non-defense discretionary spending to its lowest level as a share of GDP since 1962.
. . . .

Well, that garbage is still sitting there on the White House website as a risible reminder of YOUR unfulfilled promise (ht PJ Tattler, above). Tim, you told us then that you had a plan. It didn’t work . . . not even close!

Now you tell us you don’t like Congressman Ryan’s plan, but you offer nothing to substitute for the plan that YOU put forward, and that didn’t work at all?

Time for you to resign in disgrace, Tim!

Trochilus on February 18, 2012 at 11:47 AM