This morning, in testimony before the Joint Economic Committee, Treasury Secretary Timothy Geithner said that, by any measurement of the strength and stability of the US economy, the economy today is better than it was when Obama took office. Sheesh, tell that to the millions of people who have lost their job since January.
Apparently, “any measurement” doesn’t include the unemployment rate, job growth, number of jobs, wage growth, hours worked, home foreclosures, rate of mortgage delinquencies, etc.
One thing has improved, however. The stock market is up since Obama was sworn in. Given the billions they’ve poured into Wall Street firms and the fact that there are few other investment opportunities, this isn’t too surprising. That is a ray of good news, we admit. But Wall Street isn’t the economy. We just wish this crew would understand that.
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