Tuesday, August 10, 2010

When exactly does “Recovery Summer” begin?
The administration is telling us things are getting better but they’re not

WASHINGTON, DC—“Recovery Summer” seems to be out of synch with the calendar. According to long held belief, summer is wedged between spring and fall, occurring from June through August. But August is here and the last two months haven’t shown us recovery.

The latest figures out aren’t encouraging or supportive of the administration’s schedule. The Washington Times puts those numbers in perspective:

“From a peak annual growth rate of 5 percent last autumn, the measure of gross domestic product slid to 3.7 percent in the first quarter of 2010 and was down to 2.4 percent by the end of June.”

2.4 percent? That’s anemic at best with a growth rate of 5+ percent needed over at least two to several quarters to pull the United States out of recession. So the administration is doing what it can to fix the problem—the problem of taking responsibility for the recovery summer non-start.

Treasury Secretary Timothy Geithner told Good Morning America’s audience to go back to sleep and wait for the worst to be over, when you wake up in a few months (or years) the economy will be roaring again. Meanwhile his boss blamed the failed policies of the past administration and lambasted republicans for not having any new ideas—that should get the economy back on track.

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