Two years ago today, under the header, “Welcome to the Recovery,” Treasury Secretary Tim Geithner wrote in The New York Times:
While the economy has a long way to go before reaching its full potential, last week’s data on economic growth show that large parts of the private sector continue to strengthen. Business investment and consumption — the two keys to private demand — are getting stronger, better than last year and better than last quarter. Uncertainty is still inhibiting investment, but business capital spending increased at a solid annual rate of about 17 percent.
Together, private consumption and fixed investment contributed about 3.25 percent to growth. Even the surge in imports, which lowered the rate of increase of G.D.P., actually reflects healthy and growing American demand.
Unfortunately for all of us, the economy has slowed significantly since Geithner welcomed us to the Obama recovery, a recovery that CBS News‘ Scott Pelley has called, “The worst recovery America has ever had.”Some other economic headlines in the news today:
“U.S. Growth Falls to 1.5%; a Recovery Seems Mired” – The New York Times, July 27, 2012
“Jobless Claims Increase” – The Wall Street Journal, August 2, 2012
“June jobless ranks rose in Indy and 90 pct of US cities” – Associated Press, August 2, 2012
“U.S. Factory Activity Shrinks” – The Wall Street Journal, August 1, 2012
“U.S. Unadjusted Unemployment Rate Increases in July”- Gallup, August 2, 2012
“Factories Lose Steam as Global Fears Rise” – The Wall Street Journal, August 1, 2012