11.1.09: A Job Saved... Is a Job Earned?

Benjamin Franklin said that a penny saved was a penny earned. Well, one thing we know for sure is that a penny isn't anywhere what it used to be, but here we are - saving our pennies. True recovery is not going to begin until consumers start spending again, which their not doing. Because we, at this column, are essentially an 'everyman' we can only speak from our own experience and we've spent sparingly with the bulk of the coffers dedicated to paying off debt.

So while no one is equipped to handle sustained spending, the government has been doling out the stimulus (Recovery Act) money, which Secretary Geithner, today's prime guest, has said has is working but will take a least two years to be fully distributed. People have lost sight of this and as we have said before, when the government enacts something, it will take years for the full effect to be felt. So of the approximately $900 billion, half has been spent.

Mr. Gregory asked the Secretary, given that Wall Street is seeing gains, if a number of companies feel the recession is over. Mr. Geithner stated that a good number of companies feel the recession is over. He through in the disclaimed that this is just the beginning and that it's still very tough out there (saying the right things). The problem is that from Mr. Geithner's seat, surveying the largest of American companies, this may be true but that's not the reality on the ground for the smaller businesses or individuals.

And with that, a new number to debate - 640,000. This is the number of jobs that the administration is saying we've added or saved since the Recovery Act took effect. Of course, this was immediately countered by Republicans, citing a Carnegie Melon economist who explained that there is no way to measure 'jobs saved.' This is silliness and Secretary Geithner was correct, when confronted with this, when he said that the stimulus has prevented the furloughing of teachers, policemen, and firemen alike. Those are jobs saved! And remember that the stimulus also provides relief for states, which will also lead to recovery but slowly. One also has to keep in mind that the Bush Administration, to accommodate costs for Iraq and Afghanistan, drastically cut back on federal money, practically killing it all, going to help the individual states. Now they are feeling the burden of this, five-fold.

Mr. Gregory then pointed out that sixteen states had double-digit unemployment and that 2.7 million jobs have been shed since the beginning of the year. To which, Mr. Geithner interjected that given under-employment those numbers are actually higher. So to reverse this course, the first thing that must happen is that jobs have to be saved - stemming the tide of unemployment is the first step in turning things around - obvious notion so why can't you measure jobs saved?

The basic question: Is the Government (read: Administration) doing enough? At this moment, the simple answer is 'yes.' However, the perception is 'no' because it is not going fast enough, but as we've already said - it will be a slow process any way you look at it.

Conversely, is the Administration doing enough in Afghanistan (today's, and every day's, other big topic)? Well, given what Jim Miklaszewski, NBC's Chief Pentagon Correspondent, said - the answer would be no. He reported from Afghanistan, and explained on today's program, that 80% of the country is essentially under Taliban control and that they have established shadow local governments. As we have said in this column, the Obama Administration has no choice but to wait for the new election until implementing a strategy going forward. But this revelation has us reconsidering an overall recommendation for what to do. Is the country lost? A report like this would make one inclined to say yes. So are 40,000 more troops, as General McChrystal has recommended, the correct move?

Given acclaimed author, Jon Krakauer's insight on General McChrystal's handling of Pat Tillman's death and a fraudulent medal recommendation, the whole episode, see clip below, makes it seem as though the General is just covering his own ass. Is that what the 40K troops recommendation is? We can not be that cynical, no way, but one now has to question the motivations here. All Generals want more troops - that's what they do.

So here is Jon Krakaur calling out General McChrystal:

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Full List of Guests for Today's Program:

TIM GEITHNER
Treasury Secretary

DAVID PLOUFFE
Campaign Manager, Obama 2008 Presidential Campaign
Author, "The Audacity to Win: The Inside Story and Lessons of Barack Obama's Historic Victory"

JON KRAKAUER
Author, "Where Men Win Glory: The Odyssey of Pat Tillman"

JIM MIKLASZEWSKI
Chief Pentagon Correspondent, NBC News

ANDREA MITCHELL
Chief Foreign Affairs Correspondent, NBC News