Geithner: Recovery Is Underway

Treasury Secretary Timothy Geithner writes in this morning’s New York Times: “Every new economic report brings another wave of anxiety. That uncertainty is understandable, but a review of recent data on the American economy shows that we are on a path back to growth.”

“The economic rescue package that President Obama put in place was essential to turning the economy around. The combined effect of government actions taken over the past two years — the stimulus package, the stress tests and recapitalization of the banks, the restructuring of the American car industry and the many steps taken by the Federal Reserve — were extremely effective in stopping the freefall and restarting the economy,” Geithner adds.

Earlier this morning, Geithner told “Good Morning America” host George Stephanopoulos that the nation’s unemployment rate, currently at 9.5%, could worsen before it gets better. Geithner attributed that possibility to a recovering economy which could tempt more Americans to resume looking for work…