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Geithner: Weak GDP Growth “Not Surprising”

- April 25, 2012

Treasury Secretary Tim Geithner says that it is “not surprising” that the economy is growing as slowly as it is, but in 2009 the Obama Administration was predicting breakout growth by 2012.

Today On CNBC’s Closing Bell, Treasury Secretary Timothy Geithner Said It’s “Not Surprising” That The Economy Is Growing At Two To Three Percent. GEITHNER: “Again I think most private businesses, forecasters look at the American economy today see the economy growing between two and three percent. Not surprising, as we dig out of this recession but it’s looking more resilient and the strength is more broad-based.” (CNBC’s “Closing Bell,” 4/25/12)

SURPRISE: In 2009, The Obama Administration Predicted That The Economy Would Be Growing Twice As Fast As It Is Now

In August 2009, The President’s Mid-Session Review Predicted Annual GDP Growth Of 6.0 Percent In 2012. (“Mid-Session Review, Budget Of The U.S. Government, Fiscal Year 2010,” The White House, 8/25/09)

  • In The Fourth Quarter Of 2011, The Economy Grew At An Annual Rate Of 3.0 Percent. (Press Release, “National Income And Product Accounts,” Bureau Of Economic Analysis, 3/29/12)

In 2009, Economists Warned That Obama’s Economic Predictions Were Too Optimistic. “President Barack Obama’s economic forecasts for long-term growth are too optimistic, many economists warn, a miscalculation that would mean budget deficits will be much higher than the administration is now acknowledging.” (Jeanne Cummings, “Some Economists Warn Barack Obama’s Economic Predictions Too Optimistic,” Politico, 7/14/09)

  • Economic Experts Described The Obama Administration’s Forecasts As “Rosy” And “Fantasy.” “But a series of POLITICO interviews in recent days with independent economists of varied political stripes found widespread disdain for Obama’s first round of assumptions, with some experts invoking such phrases as ‘rosy’ and ‘fantasy.’” (Jeanne Cummings, “Some Economists Warn Barack Obama’s Economic Predictions Too Optimistic,” Politico, 7/14/09)

“Economic Growth Never Lived Up To The Expectations” Of The Obama White House – “Remember ‘The Summer Of Recovery’?” “And because economic growth never lived up to the expectations set early by different White House officials at different times – remember ‘the summer of recovery’? – voters simply don’t have the money or confidence to buy big things like they use to.” (Jim VandeHei and Mike Allen, “Obama’s Big Drags,” Politico, 8/4/11)

  • With “Little Prospect For Rapid Economic Growth Over The Next Two Years,” Obama’s Economic Team Is “Angry And Morose.” “The Federal Reserve’s finding on Tuesday that there is little prospect for rapid economic growth over the next two years was the latest in a summer of bad economic news. One administration official called the atmosphere around the president’s economic team ‘angry and morose.’” (Helene Cooper, “A Test for Obama’s View Of A One-Term Presidency,” The New York Times, 8/9/11)

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