Leo Hindery, Chairman of the Smart Globalization Initiative at the New America Foundation, joins UCubed in its call for Treasury Secretary Timothy Geithner’s resignation.
“Almost every day,” writes Hindery, “Mr. Geithner gilds the economy’s lily in inappropriate attempts to delude American workers into believing that: business investment is in fine shape when in fact businesses are sitting on an unprecedented $2 trillion of cash precisely because of ‘uncertainty’; the ‘surge in imports’ is ‘healthy’ when in fact it is an ongoing nightmare (i.e., just in June the overall U.S. trade deficit in goods and services surged 19% to a 21-month high of $49.9 billion); income inequality is not so unequal when in fact it is at its highest level since 1928; the ‘auto industry is coming back’ when in fact most of its vigor is coming from cutting domestic employment in favor of offshoring; and ‘8.5 million’ jobs have been saved by the White House when just a few weeks ago Geithner himself used the figure of ‘3 million’ for jobs created and saved.”
“This is egregious ‘spinning’ – and it’s out of control,” says Hindery.
“UCubed and I don’t expect Mr. Geithner to create the millions of jobs we need today in order to again be fully employed — as Harry Truman would have said, that’s the President’s job, plus Congress’,” he continues. “But we and countless others committed to a fully employed economy do expect him as Treasury Secretary to completely understand the issue and embrace its importance and to frame effective, U.S. advantaged solutions for the President.”
Hindery says Geithner’s assertions are not only “disingenuous and disrespectful – they’re also dangerous.” He warns of a double-dip recession if Geithner’s comments are commonly embraced before any real reforms or job-creating initiatives are put into place.