UPDATE 1-Unemployment to stay 'unacceptably high' - Geithner

What about all the debt? Just forget it and keep spending? If we can iignore the debt, why have taxes?

I would only suggest that you consider that the Bush tax breaks increased the deficit. As did his little tax rebates. And if you can just give cash out like that then there is no fiscal relevance to any of it. Try to have a memory longer than 14 months.

Well I happen to think it is un-American in these troubled times to see US Corporations sending jobs overseas, investors returns be damned.. Who do we think will buy $35 – $40K cars and $200K houses? People who can only find service jobs at $8 an hour??

If any of these corporations have US contracts or tax concessions they should be cancelled if any more jobs get relocated to India, Brazil or other countries. This is a scheme that benefits only wealthy investors and the execs of those companies..

as always the ivy league clowns in charge have led us to a dismal spot. Just like clinton and the republicans of the 90s who were so smart they the changed the housing and banking regs that caused the financial colapse we are in now. The obamanites are ignoring CBO latest number by the year 2019 doing the will of obama our national debt will be 90% of GDP. Folks at that point the only way out is chapter 11. Remember those numbers and vote these people out “support independent candidates”

lookabothsides:
Tax receipts did drop the first year of the implementation of the tax cuts, but then abruptly increased as a result of the economic activity created by those tax cuts. Same thing happened when Reagan did it. Try finding some facts before you shoot your mouth off.

Oh and by the way this is the guy who wasn’t smart enough to use turbo tax. Vote for candidates with state school diploma’s at least you know once upon a time they had to at least worked for a living

this administration and congress has no clue on how to create new jobs in the private sector. they only know how to grow the government.

The only thing unAmerican is for the US government past and present to follow destructive monetary and fiscal policies that created where we are today.

Printing money, spending uncontrolably, artifically lowering intrest rates,and seizing the means of production are the road to destruction.

Timothy Geitner is as another acedamician who only knows what he read in a book. He is blind to reality and the Obama administration are clueless. They are interested only in power grabbing and taking the freedoms of the citizens away.

Hmmm, I have always wondered why the Bush tax cuts put more money in the treasury. But more importantly, how did Mr. Obama become a millionaire under the failed economic policies of Bush. Wasn’t he broke, just an ordinary guy eight years ago?

If memory serves me right the President doesn’t actually spend the money, he suggests and Congress has to approve. Sure, the republicans did spend like drunk sailors on a Saturday night, but wasn’t it the Dems who were running the show the last two years that Bush was in office? Wasn’t it Barney Frank and Chris Dodd that allowed (forced?) the banks to make bad loans? In fact, it was old Barnie who said Fannie and Freddie were in great shape. Guess he was wrong, but here we are and the Dems that are still in power, talk fiscal responsibility yet keep printing money. Yeah, it was Bush, no doubt about it.

Lakini: if your point is that the Bush moves made a difference over time, why would you condemn moves that haven’t had any time to be implemented yet?

Dick Cheney, 2004: “Reagan proved that deficits don’t matter.” Deficit spending is part of the Reagan-myth-inspired economic strategy. If you’re worried about the debt, you might want to think about changing the way you vote…

Think about it. What are the basic principles of Reagan-style economic policy? Cut taxes, deficit spend on the military (specifically on a military crisis), deregulate big industry/markets, and count the money, right? We had all of that over the last decade and we had little to no growth and almost had another full-blown depression. Myth debunked. (Even under Reagan, where we had almost ridiculous growth, the debt balloned by a few orders of magnitude, and the market collapsed in less than 10 years.) Let’s try to think outside the partisan box and come up with a better way.

To lakini: Revenues went up during the Reagan administration not because of trickle-down, but primarily due to FICA tax increases and inflation. Reaganomic policies were marginally responsible for increased revenues during the early 80’s. As for the Bush tax-cuts, in nominal terms, it took about six years for revenues to recover. Thus, still not equal when adjusted for inflation.

90PercentDebt: Before you expect someone to take you seriously in regards to anyone’s education, you might want to learn how to spell, or complete a sentence. Also, Clinton and the Repubs of the 90’s deregulated the banks. Isn’t that one of the pillars of your sanctified free-market. No one told the Banks to make sub-prime loans that were designed to fail, to then package them as high rated investment products, and then turn around and purchase billions of dollars in insurance policies to cash in when they fail. Quit crying.

“This is a job for governments, to do a better job of constraining that kind of risk-taking,” he said.

You have got to be kidding me. Was it not the Reno AG office that was threatening to take banks to court on descrimination if they did not make these loans? Was it not Fanny and Freddie who were buying these toxic assets so the banks would continue to make the loans? (Note: Fanny and Freddie are still doing today the same things that caused this mess so don’t think this will not happen again).

Yet the Government is going to protect us. HAHAHA!!!! They created this mess not the free market system. Under a true free market system most of these loans would have never been made.

Oh, and 90percentdebt, wanting to blame the Repubs and Reagan for changing the banking regs, that was actually the “Fair Housing Act” passed in the 1970’s passed in a Dem congress with Carter (aka Obama I) in the White House.

It is amazing to me that for 60 years the Dems controlled the Congress, and just because the Republicans had control for a few years, everything is their fault. Quit drinking the Kool-Aid and realize the Libtards are sending us down the road to hell. And remember when they start talking about all the good intentions they have, “the road to hell is paved with good intentions”.

Start looking at Democratic results and not their intentions. They have a horrible track record.

statesplace: It was actually Clinton who signed the repeal of Glass-Steagal, with the condition that a percentage of the loans be sub-prime. But again, no one told the banks how to structure these loans. I think you’re misreading the actual effects of the Reagan legacy, but I’ll let you slide because it’s probably tough to read through that white hood…

Trickle down economics doesn’t work.

Giving all wealth and cash to the top of the food chain in the belief it will filter down is a lie and created for obvious reasons…corporate America get more that way.

There will be no real recovery in the US until consumer spending picks up. And that wont happen because they have debt not money or credit..and less jobs and income…they are saving and paying down debt and have no confidence.

At the end of the day the Government would have gotten better results if it took the bank bailout money and gave it out as gifts to every American to spend.

At least that way spending would have picked and been strong and prolonged and employment improved. All we have now is banks stuffed full of bailout money not giving to anybody.

The economy is in fact still contracting and unemployment still rising.

The only thing going up is the stock market and that is only because the banks and the Fed are pumping billions into it to make it seem like a recovery.

We have a faked Stock market and faked recovery….a decade of deflation is on its way.

“Lakini: if your point is that the Bush moves made a difference over time, why would you condemn moves that haven’t had any time to be implemented yet?”
——————————
lookatbothsides, I’m not sure what moves you think I have condemned here, if you are talking about high unemployment being the new norm, I didn’t make that assertion, Treasury Secretary Geithner did.

dbarakat, are you sure 16 million new jobs had only a “marginal effect?”

Yeah… right now the Federal Government in the last couple weeks managed to create a bill that basically guarantees that companies will push more jobs overseas. What people forget as the cost of doing business, whether due to wage increases or taxes so does the need for companies to outsource labor.

Anyone who sits and says ‘greedy corporation’ frustrates me so much. A Corporations purpose is to derive profit otherwise why have it? To break even?

As far as taxation goes. The higher you tax a place the harder it is to start business. I know as I am trying to start one. Do you know how much money is eaten up in taxes? In order for me to make a profit I have to get a huge return on the items I try to sell, forget the cost of advertising and everything else.

Seriously people the Government is a huge intrusive nuisance about 90% of the time. I have no idea how we expect to grow in the coming years… I am sure it will happen but sheesh.

It was neither the Democrats or the Republicans that placed this country in such dire straits. It was the average citizen sitting complacently by and, essentially, ignoring what government and industry have been doing to this country for their own benefit, for many many years. Has anyone seen ANY prices drop as a result of American industries shipping our jobs overseas to obtain cheap labor; with impunity and the “government’s” assistance?

As long as Government and Industry continue actively “spinning” the truth in order to keep the populace confused, divided, and complacent, and that populace accepts the lies as truth; things will only get worse.

Get off your butts my fellow citizens, stop the bickering, and unite to repair the damage that YOU have allowed.

To most of you this depression has been a recession only because it hasn’t directly harmed you; YET!

US debt increases becomes inevitable when businesses (that even took TARP money) create more and more jobs offshore? BTW who creates it? Selfish bonus hungry US employees! Free trade agreements mean more losses than gains for US!!!

Didn’t we hear Mr. Geithner say, about six months ago, that in February or March that unemployment would be down somewhat, if not a lot?

well if our government spent as much time trying to stimulate business in the USA, as it does establishing entitlement programs, we wouldn’t have these problems.

Our president does seem to be interested in private businesses thriving. He is more interested in government run businesses, so he has some control over what how the business is being handled, not that he knows how to handle them, but his czars are let loose on such. Congress has no say so over such. His is, now, the dictator, called president. If he were interested in small businesses thriving, he would cut their taxes and give tax breaks so they could hire more people and invest more in their businesses. He is far more interested in the government take over of all big businesses. Again, his actions speak much louder than his words! He says he is NOY interested in taking them over, but he is slowly doing just that! He says he is pro Isreal, but his actions do prove that. He says he is pro jobs, but his actions prove just the opposite. Spending money is his favorite hobby. Spending will create a few temporary jobs on contracts, but nothing permenant. That’s what small businesses do and he isn’t interested in them. Only in words does he say such.

“Has anyone seen ANY prices drop as a result of American industries shipping our jobs overseas to obtain cheap labor;”

Very good point. Guess that’s how my boss bought his Bentley.

Interesting comment Vintagetin

Business taxes are going to rise significantly in order to pay for the ever accumulating debt. Just last week the WH admitted to a budget “mistake” to the tune of 1.2 trillion dollars. This ever increasing tax burden forces employers to cut costs as our tax liability increases. Earlier this week, we have gone to China for plastic injection molding that we normally would have manufactured here. We save $4,000 now and $20,000 over the life of the mold. The reason for this is the 19% unemployment tax increase; the 105% increase in State corporate income tax (proposed), the 11% increase in property taxes and this is before the Obama tax increase….the increase in taxes must be up somewhere

So who really loses out

“They are interested only in power grabbing and taking the freedoms of the citizens away.”

Hmm, was that you shaking your angry finger in my face at a civil rights rally 5 years ago?

It’s true that Tea parties cause Alzheimer’s.

Prices have remained stable over the years, for example, you’re paying less for a refrigerator today than you did 20 years ago with the same or increased quality; same applies to TV’s; cell phones; software; computers.

When are Folks gonna wake up? Corporations will continue to ship jobs out of the States just as fast as humanly possible until the Government stops making it so attractive. No OSHA, No Workmans Comp, and NO JOBS FOR AMERICANS. They have destroyed the one industry that would give us the ultimate advantage (Information Technology). What’s next, Everything that pays above $10 an hour. If you sit at a Desk, your job is going to India or China not if but when

This LIAR Turbo Tax Timmy is a CRIMINAL and our government does nothing !!!!!

I URGE PEOPLE TO VOTE ALL INCUMBENTS OUT OF OFFICE !!!!!
TAKE BACK AMERICA !!!!!!!!!

Unemployed 18 months now. No relief in sight. Thanks, Tim Geithner, for helping maintain the status quo in our capital markets so your buddies can bank huge bonuses while you all wring your hands over the misery on Main Street. My house – gone. My car – gone. My self-respect – gone. The only thing I have left is my sense of humor, which I exercise daily at http://daysoflivingaimlessly.blogspot.com.

“Interesting comment Vintagetin” -jammer295

Your’s as well jammer295.

Differing perspectives of what, ultimately, is the same problem sometimes leads to civil discourse rather than divisiveness. That in turn leads to the discovery of the solution to that problem.

Solving this particular problem (or set of problems) is paramount to America’s survival as a world leader.

If it is not solved the answer to the question “So who really loses out” is: ALL of us who believe in the promise of Life, Liberty, and the pursuit of Happiness.

There is the only one way to fight unemployment – stop jobs from moving out of country. If it’s for US it should be designed, manufactured and built in US by US citizens. I can not find shoes not made in China. The same with linens, aparel, etc. Looks like nothing left here to work at. Are we becoming a nation of buy&sell?