Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

'Welcome to the Recovery'

Timothy Geithner

I was away on vacation last week so I missed the two-year anniversary of Treasury Secretary Tim Geithner's unfortunately titled New York Times op-ed: "Welcome to the Recovery."

Here's how Geithner opened (italics mine):

The devastation wrought by the great recession is still all too real for millions of Americans who lost their jobs, businesses and homes. The scars of the crisis are fresh, and every new economic report brings another wave of anxiety. That uncertainty is understandable, but a review of recent data on the American economy shows that we are on a path back to growth.

He went on to report the "good news" that private job growth had returned, businesses were in the "position to reinvest and grow," and banks were "better positioned to finance growth."

In reality, economic growth was leveling off at a devastating low rate and the economy has remained on the precipice of contraction nearly every quarter since. Let's not even talk about business investment or job growth.

Reality wasn't quite as welcoming as Geithner and the Obama administration had planned.

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