Posted on 04/03/2012 4:20:19 AM PDT by Bobbys1963
Treasury Secretary Timothy Geithner keeps resorting to a familiar excuse for the slow recovery — the financial crisis. “Recoveries that follow financial crises are slower and more protracted, as Carmen Reinhart and Ken Rogoff have famously written. They are slower,” he told the Economic Club of New York last month.
It is an argument President Barack Obama has relied on repeatedly during his presidency. For example, in April 2011, Obama lamented: “[The economy] is not growing quite as fast as we would like, because after a financial crisis, typically there’s a bigger drag on the economy for a longer period of time.”
Thirty-three months since the “recovery” started in June 2009, the unemployment rate has yet to fall below 8.3 percent, far exceeding the previous post-World War II record of 13 months. Worse, most of the drop in recent months has occurred because people have given up looking for work and are thus no longer classified as unemployed. Today, there are 12.8 million unemployed and 43 percent have been out of a job for more than six months, almost twice as high as Americans have ever faced in the past.
But “financial crises” aren’t a valid explanation for the slow recovery. . . .
(Excerpt) Read more at politico.com ...
Recovery? They know if they keep telling the lie long enough it will be perceived as the truth.
By rat economics, $10,000 private dollars spent by a future Bill Gates or Steve Jobs is identical to the government giving a $10,000 bonus to a government employee.
It just isn’t so.
LLS
But beyond that, they fully expected that a normal recovery would be in full swing by the spring or summer of 2009. The immediate financial crisis had been contained. By Inauguration Day, the hot issue in Washington was no longer whether money center banks would collapse; it was whether TARP should be hijacked to bail out the UAW pension and health plans. Assuming that a normal recovery would kick in, Team Obama perceived that the window of opportunity for big new spending programs would close. They also perceived a political need for a big, splashy political gesture that would allow them to take credit for a recovery that was already in the works. They were rushing to get ahead of the story.
And so they rushed in, and made things dramatically worse. Shades of FDR indeed.
Yeah, and the Chicago Cubs are in the 92nd year of "rebuilding" their team.
Recovery?
Correct. What recovery????
Stimulus?
Oh, you mean that financial vehicle by which Obozo and team transferred much of the US wealth to foreign investors and foreign state owned companies??
FUBO!
Well, let’s see: during Reagan’s first term, he had to deal with 15% inflation and a 21% prime lending rate and managed to do that before the end of his first term, all without blaming Carter at every press conference. AND he did this with a Democrat-controlled Congress. Yet here we have Obama still blaming Bush at the end of his first term and no improvement in our economic outlook in sight.
In the book “Left Behind,“ a snake-oil salesman named Carpathian brings the World to ruin.
Dictator Baby-Doc Barack is our Carpathian as he tries to bring America to ruin.
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