Geithner: Hey, how about that “remarkably successful” Obamanomics that might not produce growth this spring?

posted at 12:01 pm on April 15, 2012 by Ed Morrissey

Treasury Secretary Tim Geithner made the Sunday talk-show rounds this morning, but seemed to have a little difficulty in getting his talking points straight. On Meet the Press, David Gregory had to ask Geithner twice whether he’d call the economic policies of the Obama administration a success.  Geithner finally said that they have proven “remarkably successful,” even though nominal unemployment has been above the 8% mark that Barack Obama promised his policies would prevent for 38 straight months, and real unemployment rests somewhere between 11-12%:

Geithner wants us to compare the effectiveness of Obama’s policies against those of other recoveries.  Fortunately, the Minneapolis Federal Reserve has an app for that.  Let’s just look at the comparison from the points of recovery for each of the post-WWII recessions in employment:

It’s the third-worst recovery performance when one includes the 1980-81 double dip as two separate data tracks.  The 2001 recovery took longer, too, but that’s in part because it didn’t have as much ground to make up.

How about in economic output?  The Obama recovery is the worst post-WWII recovery in terms of growth:

I didn’t bring up growth by accident, either.  In his other appearance today on ABC’s This Week, Geithner couldn’t state with any certainty whether the “remarkably successful” Obamanomics policies would produce a third straight spring of stagnation:

Treasury Secretary Timothy Geithner said he believed the economy is “gradually getting stronger,” but said “we can’t tell yet” whether growth has stalled as it has in previous spring months during the Obama administration.

“We can’t tell yet,” Geithner said on “This Week” when asked if the same pattern from previous years was repeating, with strong growth in early months of the year, followed by a slow-down, as happened the last two years.

“But if you look back at what happened in 2010 and 2011, you’re right that you saw some early strength in the beginning of the year,” Geithner said. “But then what happened was, the crisis in Europe in 2010 and 2011 and then the crisis in Japan and then the oil shock caused growth to slow. And then in ’11, it was made worse by the – by all the political drama around the debt limit, which was very damaging to confidence.”

Geithner had to admit the obvious:

He acknowledged that not all Americans have felt that improvement, with a new ABC News/Washington poll last week showing that 76 percent of Americans still believe the country is in a recession.

“Well, it’s obviously still a very tough economy out there,” Geithner said.

Obviously.  And it’s equally obvious that even when using Geithner’s own comparisons, it’s the worst-handled recession in over 60 years.  No wonder Geithner declines to commit to a prediction of significant growth in the coming months.


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Comment pages: 1 2

Geithner: Hey, how about that “remarkably successful” Obamanomics that might not produce growth this spring?

Thieves and liars.

That “stimulus” money is sitting in foreign banks and wealthy investors’ accounts.

Scumbags.

Dr. ZhivBlago on April 16, 2012 at 12:31 AM

300 million and this is the best we can come up with to run the treasury?

acyl72 on April 16, 2012 at 7:41 AM

Hey Timmy, if you can’t file your taxes on time, or even if you can’t pay the full amount due by April 17, you may be able to get an extension:

http://www.irs.gov/newsroom/article/0,,id=256271,00.html?portlet=108

itsnotaboutme on April 16, 2012 at 8:51 AM

The birth certificate that has been shown isn’t the original. It is the sort you get if you lost the original and ask for a replacement. The database might have the original race but that might be translated by the software when it is printed out these days.

I’m interested in who Harrison J Bounel is.

crosspatch on April 16, 2012 at 12:00 AM

I don’t believe any data base software was involved to generate the long form birth certificate. It comes down to the person giving the information, and the person taking the information at Barack Obama’s birth -event. A hospital worker probably filled out the information for the birth certificate. The mother’s race Caucasian and father’s race as African. Probably because when asked what race is the father – Obama’s father stated he was from Africa, hence the race box was filled in African. It depends on what kind of clerical person you are dealing with, someone who doesn’t really care, and is just filling in blanks on a form or someone who is studious, and is aware that Africa is a continent not a race. The second type of cleric would have asked for more specificity when filling out the form.

Dr Evil on April 16, 2012 at 10:01 AM

This is like watching a real life, giant version of Tony Soprano and crew busting out that sporting goods store. Geithner is the fall guy that signs the papers, while the crew carries off the loot and sucks the operation dry. Geithner wanted to play with the big boys, but their game wasn’t for him.

claudius on April 16, 2012 at 10:13 AM

Thought this dope was going to leave? The annoying aspects of the “O” is the cast of idiots surrounding him. Obama just keep getting worse, more and more know it. Obama fatigue, feeling it?

StevC on April 17, 2012 at 1:33 PM

Comment pages: 1 2