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A Year After Geithner’s Op-Ed, Where Is The Recovery?

RNC Communications - August 3, 2011

One Year Ago Today, Treasury Secretary Geithner Announced That The Economy Was In Recovery:

“[A] Review Of Recent Data On The American Economy Shows That We Are On A Path Back To Growth.” (Timothy Geithner, “Welcome To The Recovery,” The New York Times, 8/2/10)

Geithner: The White House’s Actions Have Put The Economy On The Road To Recovery. “The recession that began in late 2007 was extraordinarily severe, but the actions we took at its height to stimulate the economy helped arrest the freefall, preventing an even deeper collapse and putting the economy on the road to recovery.” (Timothy Geithner, “Welcome To The Recovery,” The New York Times, 8/2/10)

“The Economic Rescue Package That President Obama Put In Place Was Essential To Turning The Economy Around.” “The economic rescue package that President Obama put in place was essential to turning the economy around. The combined effect of government actions taken over the past two years — the stimulus package, the stress tests and recapitalization of the banks, the restructuring of the American car industry and the many steps taken by the Federal Reserve — were extremely effective in stopping the freefall and restarting the economy.” (Timothy Geithner, “Welcome To The Recovery,” The New York Times, 8/2/10)

However, The Economy Remains Stagnant:

Some Fear That “The Double Dip Has Arrived.” “Friday's news on GDP shows the double dip has arrived — an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the deficit will make it worse.” (Douglas McIntyre, “10 Signs The Double-Dip Recession Has Begun,” MSNBC, 7/31/11)

The Current Unemployment Rate Is 9.2 Percent And The Unemployment Rate Has Remained Above 8 Percent For A Post-WWII Record 29 Straight Months. (Bureau of Labor Statistics, BLS.gov, Accessed 7/12/11)

The Average Length Of Unemployment Has Risen From 19.9 Weeks To A Record 39.9 Weeks. (Bureau of Labor Statistics, BLS.gov, Accessed 7/12/11) 

Since President Obama Took Office, The Nation Has Lost 2.5 Million Jobs. (Bureau of Labor Statistics, BLS.gov, Accessed 7/12/11)

Manufacturing Activity Has “Dropped To the Rate Of Two Years Ago.” “Indeed, the economic signs have turned increasingly grim. A report on manufacturing Monday noted that growth in that sector had dropped back to the rate of two years ago, just at the point the U.S. was technically exiting the recession.” (Editorial, “A Still Sick Economy Needs More Than Debt Ceiling Deal,” Detroit Free Press, 8/2/11)

“For The First Time In Two Years, Consumer Spending In June Fell, According To A Commerce Department Report Released Tuesday Morning - More Troubling News For An Economy That’s Already In The Doldrums.” (Reid Epstein, “Consumer Spending Down,” Politico, 8/2/11)

And Voters Are Clear, They Don’t Feel Like They Are Experiencing A Recovery:

70 Percent Of Likely Voters Don’t See Their Economic Position Getting Better. “Overall, 37 percent of likely voters said they expect their economic position to remain the same, while 33 percent expect it to get worse, though women, at 40 percent, were slightly more likely to foresee stability than men, at 34 percent.” (Elise Viebeck, “The Hill Poll: One In 3 Voters Say The US Has Passed Its Peak,” The Hill, 8/1/11)

“More Than One Third Of Likely Voters Believe America’s Best Days Are Over, According To A New Poll For The Hill.” (Elise Viebeck, “The Hill Poll: One In 3 Voters Say The US Has Passed Its Peak,” The Hill, 8/1/11)

“When Asked About The State Of Their Finances Since President Obama Took Office, Almost Half Of Likely Voters — 48 Percent — Said Theirs Had Worsened.” (Elise Viebeck, “The Hill Poll: One In 3 Voters Say The US Has Passed Its Peak,” The Hill, 8/1/11)

Despite These  Facts, Geithner Continues To Defend His Op-Ed:


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