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Aren’t Jobs Part of the “American Economy,” Secretary Geithner?

November 19, 2009

Treasury Secretary Timothy Geithner, in a hearing this morning on Capitol Hill, said “If you look at any measure of the strength and stability and health of the American economy…it is substantially stronger today than when the President of the United States took office.”  That will come as a surprise to the 4.1 million Americans who have been added to the unemployment rolls since the Obama Administration took office in January 2009. 

Below are other key economic statistics that are WORSE than they were in January 2009.   

1 Number of unemployed in January 2009 and October 2009.
2 Total non-farm employment in January 2009 and October 2009.
3 “Long-term unemployed” means for over 26 weeks; data for January 2009 and October 2009.
4 Unemployment rates in January 2009 and October 2009.
5 “High unemployment” means having a 3-month average unemployment rate of 6% or higher. From the Bureau of Labor Statistics’ “Extended Benefits Trigger Notice” for January 25, 2009 and November 15, 2009. and  There are 53 States and territories (including DC, PR, and USVI) in the Federal/State Unemployment Insurance system.
6 The “Misery Index” equals unemployment plus inflation.  For January 2009 and October 2009.
7 Residential mortgage delinquencies (real estate loans) for 2008 Q4 and 2009 Q3.
8 Values for January 20, 2009 and November 17, 2009.