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Sunday, October 17, 2010

Geithner tout's "savings" in Record-Breaking $1.3 Trillion Deficit

U.S. Treasury Secretary Tim Geithner and Office of Management and Budget (OMB) Acting Director Jeffrey Zients released a statement regarding our new record-breaking $1.3 trillion annual deficit & a $13.5 trillion total debt. Well practiced at putting lipstick on a pig, Geithner defends the ballooning of big government spending claiming the deficit & debt could have been higher if not for the Administrations careful stewardship...
Due to careful stewardship of the emergency programs, their effect on the deficit was much smaller than previously estimated. The Troubled Asset Relief Program (TARP) had outlays of just $9.0 billion in FY 2010, which was $25.9 billion or 74 percent below previous estimates from July 2010. Aid to Fannie Mae and Freddie Mac was $52.6 billion in FY 2010 – $16.4 billion or 24 percent less than the most recent forecast.

"By carefully managing the emergency initiatives to stop the financial panic and by accelerating our exit from those investments, we have significantly lowered the cost to taxpayers, bringing the costs of the financial rescue down by more than $240 billion this year. However, we still have a long way to go to repair the damage to the economy and address the long-term deficits caused by the crisis," Secretary Geithner explained.
Taking into account the out of control spending & the ever increasing federal entitlement programs equal to $53 trillion in unfunded liabilities are "unsustainable" and has our country barreling down the path to an unrecoverable financial ruin we would have to respectfully disagree with Mr. Geithner's statement of, we have a long way to go...." November 2nd is coming much sooner than he thinks!

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