Treasury Secretary Timothy Geithner’s assurance that the Great Recession is over will undoubtedly convince many Americans that relief is on the way and that they can loosen their belts and get back to business.
Item: Speaking in Canada where he was attending the Group of 20 summit, “President Barack Obama said on Sunday he would follow through on a pledge to rein in soaring U.S. budget deficits and said that would involve presenting Americans with ‘some very difficult choices’ next year,” reported Reuters for June 27. The President, continued the wire service, “has said the deficits are a legacy of the Bush administration.”
Federal Reserve boss Ben Bernanke told Congress this week that despite not having any imminent plans to further “support” the economy, the central bank was “considering all options” to fight unemployment and could “step into new areas” because the alleged recovery remains “unusually uncertain.”
Earlier this year, it looked as if columnist Paul Craig Roberts had hung up his word processor in disgust, having just published his book How the Economy Was Lost (mostly a collection of his best columns of the past decade) and a swansong article “Truth Has Fallen and Taken Liberty With It.” Recently, however, he has returned with a few new columns, e.g., this one — and a revealing interview with the Swiss-based free-market webzine The Daily Bell.