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Monday, September 26, 2011

Obama should fire Geithner

In the news tonight comes an interview of Treasury Secretary Timothy Geithner by ABC News about the Obama jobs bill. Here is the opening of the news report: "Treasury Secretary Timothy Geithner didn't dispute a Harvard economist's estimate that each job in the White House's jobs plan would cost $200,000, but said the pricetag is the wrong way to measure the bill's worth.
And he also pointed out... that there is no other option on the table for getting the economy moving and putting more people back to work."

This man should be fired. He admits that under Obama's plan, each job would cost $200,000 but says there is no other way to put people back to work. Is he kidding? If the government offered people jobs that pay $40,000 per year, I am sure that tens or even hundreds of thousands of folks would line up for them. These employees could rehabilitate old houses, clean up and restore parks, and do all sorts of other work that would help society as a whole. Even with administrative costs and benefits, the jobs will still cost no more than $50,000 each. That means four times as many jobs as the Obama plan. Alternatively, we could have the same number of jobs as the Obama plan for one-quarter the cost. But Geithner says there is no alternative to Obama's plan.

Don't get me wrong --I am not in favor of a massive government employment plan. I know, however, that the crazy plan proposed by Obama is neither likely to succeed or even cost effective if it were successful. If Geithner cannot recognize that reality he ought to be replaced as soon as possible.

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