You have to give Treasury Secretary Tim Geithner points for creativity even if you can’t give him points for honesty.
He’s peered into the official Treasury Department crystal ball and seen a double dip recession in our future. So instead of admitting that Obamanomics has failed, he’s laying the groundwork to blame it on the people who want to reverse those failed policies.
The National Journal covers Geithner’s preemptive butt covering:
Treasury Secretary Tim Geithner said if Congress fails to lift the debt ceiling and the U.S. defaults on its obligations “this abrupt contraction would likely push us into a double dip recession,” painting the most explicitly dire prediction to date of the consequences of inaction.
In a heavily-anticipated response to Sen. Michael Bennet, D-Colo., who asked Geithner to document the economic and fiscal impacts of failing to lift the statutory debt limit, the Treasury secretary detailed a chain reaction that would cripple the economy, costing jobs and income.
A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment,” said Geithner in the letter to Bennet which was dated May 13. “Even a short-term default could cause irrevocable damage to the economy.”
Of course, this is nothing more than Geithner delivering the Obama administration’s agreed upon message:
“The failure of our policies is someone else’s fault.”
Source: National Journal
