Merry Christmas: Geithner Says No Job Growth Until Spring

Which sort of puts all the liberal jubilation over the .2% drop in the unemployment rate in November in perspective. That month the rate went down, but total unemployment went up .3%. The .2% drop in the unemployment rate was only caused by people leaving the job market entirely due to an inability to find a job.

WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner said on Wednesday that the economy was recovering, but it may be some months yet before jobs are being created instead of lost.
“Most economists would say that, by the spring, we’ll have positive job growth,” Geithner said in an interview on ABC’s “Good Morning America,” conceding that it is unlikely there was any job growth in December.

We may, in fact, see some recovery by spring. The CBO said, way back in February, that we’d probably see recovery by the end of this year. The question is, what happens when the bill comes due for all this “stimulus” spending? What happens when the bill comes due for TARP? And the auto bailouts?
The answer is that we’re either going to have to slash spending (bloody unlikely given this Congres) or raise taxes significantly.
That coupled with the tax hikes already in the pipe for (potentially) this health care bill, (potentially) cap and trade and (potentially) the end of the Bush tax cuts and we could be heading for a nice, nasty double-dip recession.
And by “could be” I mean we absolutely are under this current political leadership.

Tags: , ,


«
»
  • http://Array sayanything-15427

    If the Government got behind building Nuclear Plants across the US I would back them. Not only would it create jobs it would also be a “green” investment in our future which should lower electricity costs for everyone. We need Nuke and Gas plants to provide power in the times when Solar and Wind just can’t generate enough no matter if you covered every square inch of the US in either one. Thats stimulus we can believe in!

    Meanwhile yes, we need to tap our own Oil resources and repeal anything that says we aren’t allowed to use shale oil because of the sulfur content. There are plenty of uses for oil that do not include fuel (plastics, medicines, etc). Thus reducing our dependence on foreign oil and maybe let us get out of the middle east except by ally proxy (Israel). Thats stimulus we can believe in!

    We need a real health care REFORM bill or series of bills, not this monstrous TAKEOVER bill that creates the means to a single payer socialized health care system. Not only would it make health care worse over all it will also end up bankrupting the US. We just can’t afford it.

    Taxes do not need to be cut, they need to be abolished and replaced with a consumption type tax like a VAT or FairTax or something inbetween. We can keep Property taxes for large purchases (like above $20k). We need to prune back Medicare and Social Security and privatize or get rid of the programs over the next 30 years. Cut off anyone under 30 now from paying into the system and move them to a privatized system, even if you keep a tax in FICA move those funds out of government beuracracies and into the private market. Meanwhile those over 30 will still get the old benefits and nobody will have to worry about suddenly having no retirement or medical plans when they get to retirement age.

    There are plenty of common sense ways to do things without Government interference, taking the power away from government and getting it the heck out of the way of the free market.

    That’s Stimulus we can Believe in!

  • sayanything-9974

    I guess they will be reversing policies soon if they want to actually start creating jobs. Cut Government spending, reduce taxes, scrap cap and trade, Dump the current Health care reform, that would be a good start. To really get the economy going and create jobs – Drill Baby, Drill.
    While you are at it build more refineries and start building some nuke power plants. That would be real change you can believe in.

  • sayanything-9974

    Does Geitner have a Spock or Elf ear thing going on? I never noticed before.

    I have heard Tim Geitner has some good points, but the way he combs his hair you can’t see ‘em

  • sayanything-2

    Every time these liars release any report or data the “revise” it within 24 hours, always DOWNWARD.

  • sayanything-342

    We are laying off 350 in the next two weeks.

    Americans will be returning that favor in 2010 and 2012.

  • sayanything-13784

    No job growth until we get rid of these douchebags.

  • sayanything-106

    They should make sure the tax cheat has paid his taxes this year.

  • ghHorse

    The closed stores around here are proof that tax cheat Geitner doesn’t know what he is talking about. Home building, a major part of our local economy is at a standstill, unemployment for our county is now at 13%, and that’s the numbers served up with a lot of fudge. The real number is probably closer to 20%. Noticeably missing is over burgeoning illegal population.

    Black unemployment is way higher, some putting the figure at ‘over 40%’. How is the hopey changey thing working out for you now. Still waiting for the free gas?

  • sayanything-2

    When everything you do is making things worse STOP DOING ANYTHING.

  • sayanything-6955

    I thought that 787 billion dollar “stimulus” was going to have immediate results?

  • sayanything-3444

    Man, that stimulus bill is just getting the economy red-hot isn’t it? Well maybe not, so we better do more of it. Let’s go create or save a bunch more jobs. This is what passes as logic and economic wisdom on the left. Lunacy defined.

    Unemployment during the golden era of Clinton averaged 5.2%. Unemployment during the Bush era averaged 5.3%. If that’s the best that Clinton could do given the boom cycle the economy was going through in the 90′s, why is it that our idiot lefties think Bush’s numbers were so bad, when he had 9/11, a recession inherited from Clinton, two wars, a hostile press and obstructionist marxist democrats throughout his tenure? Most of the experts I’ve read or heard seem to think that numbers like those both Clinton and Bush posted indicate “full employment” as there are always some number of people in job transition, some who will not or cannot work, and some whose jobs are seasonal in nature. Even if unemployment returns to that level and stays there until the end of his first term (not bleeding likely), Obama’s average would be about 6.5%. That is assuming the numbers drop back to 5.2% in January and remain there for the next three years – not going to happen so his real averages will be significantly higher. But the lefties and their pet media pundits will all continue to want to give him blow jobs and kisses while bashing every conservative and/or republican since time began, especially if his name is GWB.

  • sayanything-2361

    I really wish all of them would just Stop. Trying. To. Fix. Things.

Create a SAB Readerblog


Recent Comments

Powered by Disqus

Blog Advice and Support
Installs and Upgrades
Theme Modifications
Custom Plugins
Theme Design
Conversions and Relocations
Hacked Site Recovery
Mobile Apps Development