Recovery Sommer, to be precise:
German unemployment fell in July for the 13th consecutive month, putting Europe’s largest economy on the brink of a milestone: regaining all the jobs lost during the recession far faster than many economists expected.
During the global downturn in 2009, Germany, the world’s fourth-biggest national economy, was relatively slow in launching its economic-stimulus package, which was less sweeping than that of the U.S. Now, amid debate about the timing of stimulus withdrawal globally, Germany has led the argument for fiscal rigor and disciplined spending—despite U.S. calls to keep the stimulus engine going—and has announced budget cuts for next year to reassure the German public that the deficit won’t balloon.
Just to remind you: President Omoeba and Timmy Geithner (who, remember also, was the only man in America for the job) told us—swore up down and sideways—that we had to pass the stimulus package to keep unemployment from crashing through the 8% barrier. We did, and joblessness hit 10.3%—and still wallows at 9.5%, with no serious respite in view.
While Germany has regained its (admittedly high) job level before the recession hit. Without busting the budget.
I don’t want to say I told you so, but you know I did. Just about everyone but Timmy Geithner told them so.
I also told you we hired the wrong Geithner.
Aura Cristina Geithner
PS: Meanwhile, across the Atlantic:
Economic growth slowed in the second quarter as a capital investment drive by businesses saw imports increasing at their fastest pace since the first quarter of 1984, a government report showed on Friday.
Gross domestic product expanded at a 2.4 percent annual rate, the Commerce Department said in its first estimate, after a revised 3.7 percent growth pace in the January-March quarter.
Analysts polled by Reuters had forecast GDP, which measures total goods and services output within U.S. borders, growing at a 2.5 percent rate in the second quarter. The government had previously estimated a 2.7 percent growth rate for the first three months of this year.
The economy, which is digging out of its longest and deepest recession since the 1930s, has now grown for four straight quarters. However, growth has been too tepid, making little impact on a high unemployment rate.
A year of growth—not bad Timmy! Way to go O! The recession may have been Bush’s, but this “recovery” is all yours.
PS: As Joe Biden might say of the “recovery”, “Stand up, economy, let the people see you. … Oh, God love ya, what am I talking about?”