On August 2, Treasury Secretary Timothy Geithner wrote an op-ed in the New York Times with the title, â€œWelcome to the Recovery.â€ Despite the brash headline, Geithner was cautiously optimistic about the direction of the economy.
â€œRecoveries that follow financial crises are typically a hard climb,â€ he wrote. â€œThat is reality. The process of repair means economic growth will come slower than we would like. But despite these challenges, there is good news to report.â€
The good news, the secretary said, includes â€œboomingâ€ exports, private job growth (â€œnot as fast as we would likeâ€), a stabilized banking system, and a business sector that has â€œrepaired its balance sheetsâ€ and is in â€œa strong financial position to reinvest and grow.â€