Two Years After Treasury Secretary Timothy Geithner Crowed That America Is ‘On The Road To Recovery,’ The Economy Continues To Sputter
SEC. TIM GEITHNER: “Welcome to the recovery … a review of recent data on the American economy shows that we are on a path back to growth … on the road to recovery” (Sec. Geithner, “Welcome To The Recovery,” The New York Times, 8/3/10)
RECENT DATA: ‘Economy Weak’
BEA: “Real gross domestic product … increased at an annual rate of 1.5 percent in the second quarter of 2012…” (“Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago,” Bureau Of Economic Analysis, 7/27/12)
- · “Economy weak in second quarter … The U.S. economy has never been so sluggish this long into a recovery.” (USA Today, 7/27/12)
- · “The slowdown in growth adds to worries that the economy could be stalling…” (AP, 7/27/12)
Recent Months: Job Creation ‘Paltry,’ ‘Americans Joining Disability Now Outpacing Americans Finding Jobs,’ ‘Factory Sector Shrank,’ ‘Exports Dropped’
Current Unemployment Rate 8.2%. (Bureau Of Labor Statistics, Accessed 7/6/12)
- · “Employers added a paltry 80,000 jobs last month…” (“U.S. Added 80,000 Jobs In June As Economy Struggles,” The Washington Post,7/6/12)
- · “The downbeat report is likely to put pressure on the Federal Reserve, Congress and the White House to do more to stimulate economic growth and new jobs.” (“U.S. Added 80,000 Jobs In June As Economy Struggles,” The Washington Post, 7/6/12)
“Americans joining disability now outpacing Americans finding jobs.” (“Americans Joining Disability Now Outpacing Americans Finding Jobs,”The Weekly Standard, 7/17/12)
- · “Disabled worker beneficiary statistics… Awards Number: 2012 Jul … 83,061.” (“Selected Data from Social Security’s Disability Program,” Social Security Administration, Accessed 8/2/12)
- · “Nonfarm payroll employment continued to edge up in June (+80,000)…” (Bureau Of Labor Statistics, Accessed 7/6/12)
“The U.S. factory sector shrank in July for the second straight month, and gauges of future activity suggest weakness will continue into the fall.” (“Factories Lose Steam As Global Fears Rise,” Wall Street Journal, 8/1/12)
“Exports dropped for a second consecutive month, while a gauge of factory employment—until now a bright spot—fell sharply to 52 from 56.6. That shows that while firms are still hiring, they are worried about whether they will actually need workers.” (“Factories Lose Steam As Global Fears Rise,” Wall Street Journal, 8/1/12)
‘More Young Adults Living With Parents’
“More of today’s twenty-and-thirty-somethings are living with their parents than in generations before them. … About 17 percent of the adults between the ages of 20 to 34 lived with their parents in 1980, compared with 24 percent during the Great Recession period…” (“STUDY: More Young Adults Living With Parents,” National Journal, 8/1/12)
- · “The rise was sharpest among those under 25 — a new high of 43% vs. 32% in 1980.” (“Adult Kids Living At Home On The Rise Across The Board,” USA Today, 8/1/12)
