Time to redefine “Recovery”

1 Jul

Reason.com has a fun article up called 42 Straight Months of Stupidly Optimistic Official Predictions About Economic Recovery.

If you can’t tell from the title, the piece is a collection of statements made in recent years about the “pending” economic recovery, the quotes come from many sources including President Obama, Tim Geithner, Ben Bernanke, and various news outlets.

Here’s some of my favorites;

March 15, 2009: Federal Reserve chairman Ben Bernanke: “We’ll see the recession coming to an end probably this year.”

July 14, 2009: Secretary of the Treasury Tim Geithner: “The force of the global recession is now receding.”

November 13, 2009: Secretary of the Treasury Tim Geithner: “We are seeing growth resumein the United States.”

March 15, 2010: John Cassidy, The New Yorker: “Economists are still debating what it was thatended the financial crisis and turned the economy around. It is inarguable, though, that Geithner’s stabilization plan has proved more effective than many observers expected.”

April 27, 2010: Vice President Joe Biden: “I’m absolutely confident that the policies that we put in place are sending the economy and the American public in the right direction.”

July 21, 2011: Obama spokesman Jay Carney: “That’s why he is focused every day, he wakes up every day and goes to sleep every night thinking about the fact that he will not rest, he will not cease in his efforts to grow the economy and create jobs until he knows that every American who’s looking for a job can find one. And that will undoubtedly remain true throughout his first term.”

March 9, 2012: Ezra Klein’s WonkBlog, The Washington Post: “There are also some reasons to think this recovery can sustain itself through 2012. Ever since the recession ended in mid-2009, the U.S. private sector has been consistently hiring workers.”

Have a little courage and tell the truth

June 8, 2012: President Barack Obama: “The private sector is doing fine. Where we’re seeing weaknesses in our economy have to do with state and local government.”

Tim Geithner got out to a fast start in the first few years of the administration with a plethora of embarrassing remarks, while The Bernanke has been pretty cool and casually confused evenly across the race. But it’s the big man himself, President Obama, who’s taken the lead down the backstretch, though Jay Carney is just a length behind. VP Joe Biden however….I believe a different set of standards apply for him.


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