Busted: Bankers and The Global Economy

August 16, 2010

The Disingenuous Timothy Geithner

On a very regular basis, Treasury Secretary Tim Geithner engages in magical thinking with deliberate attempts to delude American workers into believing that business investment and consumer demand are on the uptick. Geithner’s pretense isn’t only disingenuous and disrespectful, but dangerous. How? He continually suggests  that American consumers should feel comfortable borrowing and spending in the vain hope of spurring any hope of economic bright light.

Mr. Geithner needs to stop with the tim-foolery as these truths hang over our nation like a plague:

  • The real unemployment rate is 18.3%, instead of the 9.5% rate the administration uses.
  • The number of real unemployed workers in all four categories of unemployment is no less than 29.3 million, instead of the administration’s one-category-only figure of 14.6 million.
  • In real terms the all-important “jobs gap” is 21.3 million new jobs.
  • Since the start of the Obama administration, the number of real unemployed workers has increased by 4.6 million. The U.S. economy needs to add 150,000 new jobs each month simply to keep up with “population growth.”
  • For unemployment benefits, the average number of weeks unemployed is at least 34 and the number of workers unemployed a half year or longer is at least 10.1 million.
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