Wednesday, June 03, 2009

Poor Geithner

BestView is feeling sorry for our Treasury Secretary Geithner who was dispatched to China to convince them that the U.S. is worthy of their continuing investment in our treasury notes and bonds. This must have been a rough trip. While speaking to an audience of students, Geithner said the U.S. was putting in place the foundations for restoring fiscal sustainability. The students laughed at him. Then he said that the U.S. plans to "put in place comprehensive health-care reform that will bring down the growth in health-care costs that are the principal driver of our long-run fiscal deficit". Was his audience in China stupid enough to believe that adding a few trillion dollars in new health care entitlements will bring down the cost of health care? A more important question is whether the U.S. population is stupid enough to buy that shrouded pig.

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