Hat tip to ZeroHedge for the Op-Ed in the New York Times by the Treasury Secretary, Tim Geithner.
It’s annoying to read him patting himself and the administation on the back for all their whizbang government “stimulus” [Which can be read “massive, unprecedented borrowing] that “saved” the economy after the 2008 financial crisis. As ZeroHedge points out, Geithner conveniently forgets who triggered the crisis– he needs to look in a mirror.
It’s bad enough to read him going on at length on all the great things this “stimulus” money is doing, but then he has the nerve to say:
American families are saving more, paying down their debt and borrowing more responsibly. This has been a necessary adjustment because the borrow-and-spend path we were on wasn’t sustainable.
Why is it that “borrow-and-spend” isn’t sustainable for American families, but it is somehow a panacea for the U.S. governent?