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U.S. Job Market Loses Steam: Reality 1 Geithner 0

Posted on August 7 2010 1:00 pm
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I wrote earlier this week about Timothy Geithner‘s logically and factually challenged Op-Ed in the New York Times entitled  “Welcome to the Recovery,” the lead paragraph of which read like something one of Herbert Hoover’s flacks could have written in 1931.

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.

Today a Wall Street Journal, U.S. Job Market Loses Steam provides further evidence of just how clueless and/or disingenuous Mr. Geithner really is.

The government’s latest snapshot of the job market was bleak, a sign the economic recovery is running out of steam with 14.6 million Americans still searching for work.

Job growth proved anemic in July as governments cut jobs and private-sector employers barely expanded.

The unemployment rate held steady at 9.5% largely because people gave up hope of finding work and left the labor force.

The latest figures confirm the labor market has lost much of its momentum in recent months. The private sector has added 90,000 jobs a month on average so far this year, well below the 125,000 needed monthly just to keep up with population growth, let alone recover the eight million jobs lost during the recession. Two-thirds of the private-sector job creation this year occurred in March and April, when the economy’s trajectory appeared stronger.

Geithner, hands frozen on the wheel, can somehow see a “Bridge Out Ahead” sign and interpret it as “Slippery When Wet.” He either really thinks that–and is stupid–or is deliberately distorting the truth–and is thus both dishonest and stupid, since he would have to believe he is the only person on earth who can read a report. Against any of these possibilities one of the great unemployment questions of the day is why this guy still has a job.

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