April 1st, 2010
01:05 PM ET
4 years ago

Geithner sees 'unacceptably high' jobless rate

Treasury Secretary Tim Geithner said Thursday he expects the unemployment rate to remain high.
Treasury Secretary Tim Geithner said Thursday he expects the unemployment rate to remain high.

New York (CNNMoney.com) – Treasury Secretary Tim Geithner said he expects the unemployment rate to remain "unacceptably high" for a long time, even as the economy recovers and job growth slowly resumes.

"I think the key thing that's going to happen is the economy's going to start creating jobs again," Geithner said in an interview aired Thursday on NBC's "Today." "But the unemployment rate is still terribly high, and it is going to stay unacceptably high for a long period of time."

The comments came ahead of the government's monthly jobs report, which is due Friday. That report is expected to show that U.S. employers added 190,000 jobs in March, but the unemployment rate remaining at a persistently high 9.7%.

"It is going to take a long time to bring it down because of the damage of the recession," Geithner said of the jobless rate.

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Filed under: Jobs • Timothy Geithner • Treasury Department
soundoff (26 Responses)
  1. Angus McDugan

    Ahhhhhh!!!!!! I's Frankenstien!!!!! Get your hands off me.

    Get a new pic for this guy.

    April 1, 2010 01:07 pm at 1:07 pm |
  2. Fitz In Texas

    Tax Cheat Timothy Geithner needs to join the ranks of the unemployed. It's disgusting that his boss, Obama, doesn't do the right thing and fire this tax cheat.

    April 1, 2010 01:13 pm at 1:13 pm |
  3. chris l

    Did he just notice this today? Maybe he could pass the word on to OBOZO.

    April 1, 2010 01:14 pm at 1:14 pm |
  4. SocialismBad

    It going to take a long time to come down because this imbecile and Odumbo don't have a CLUE on what it takes to make the economy hum! This group of academics have only first hand experience filling out government grant applications so they can hire somebody! How many of these losers has risked everything they owned to start a new business???

    And for over ayear, what have they done? NOTHING but push job killing "healthcare reform, that is nothing more than ANOTHER HUGE GOVERNMENT ENTITLEMENT PROGRAM. Now we see company after company say it is going to cost them millions, some hundreds of millions. Can you say JOB KILLER???

    This is what you get when you put an inexperienced community organizer and a bunch of academic snobs in charge of the country. America will start to correct its mistake this November and finish the job in 2012 when Odumbo and these idiots get tossed out the door.

    November can't come fast enough!

    April 1, 2010 01:14 pm at 1:14 pm |
  5. It Takes Time

    We didn't get into this recession overnight and we're not going to have a speedy job recovery overnight. 190,000 new jobs is encouraging. I think jobs will pick up during the summer at a rapid pace. Thanks alot republicans for taking so close to the edge of non existence.

    April 1, 2010 01:15 pm at 1:15 pm |
  6. terry,va.

    Unemployment rates are high because business will not hire people under Obummie's socialists policies.

    April 1, 2010 01:20 pm at 1:20 pm |
  7. Ken

    And the Obama administration will do everything it can to continue the destruction of the free market job creation engine, continue to concentrate power into the Executive Office, continue to grow the defecit and continue increaseing dependency on the Government.

    April 1, 2010 01:24 pm at 1:24 pm |
  8. Capt. Snarky

    Funny that the Treasury secretary recognized the Jobs issue, but the President don't. A year and half fighting for the Healthscare progrom, and we still have millions unemployed. Way to stick to the people, Barack , thanks for the Double Whammy...................

    April 1, 2010 01:31 pm at 1:31 pm |
  9. Scott, Tucson

    True...and some of it is going to start after the November elections.

    Is Geithner going to cheat again on his taxes this year too?

    April 1, 2010 01:39 pm at 1:39 pm |
  10. david

    i own a company...and since obama osama care...i have fired 15 people...and put 10 on part time...obama is going to kill small business's and i told all the men i let go ..they lost their jobs because of obama and the liberals....so hopefuly they will vote i n nov and get these people out of a job

    April 1, 2010 01:39 pm at 1:39 pm |
  11. obamarroids

    Its all Bush's fault I tell ya : )

    April 1, 2010 01:40 pm at 1:40 pm |
  12. david

    its not the damage of the recession...but the damage that obama osama has did..

    April 1, 2010 01:41 pm at 1:41 pm |
  13. obamarroids

    When you do what this clown and his boss do to the fundamentals of our economy you destroy the system. Top to bottom. So we will NEVER have full employment again. The deficits will continue to spiral. Hyperinflation is about a year away because Obama continues to print fake money. God help us all.

    Mr. Obama has launched a Marxist revolution.

    April 1, 2010 01:43 pm at 1:43 pm |
  14. Missy M

    Gee, I sure wish he would define "a long time," when he says something like "the unemployment rate to remain unacceptably high for a long time".

    April 1, 2010 01:44 pm at 1:44 pm |
  15. james

    You wanna fix unemployment, Timmy? Easy. Tell the banks what damage you're going to do to them. Then they can adjust, start making loans again, help business expand and watch them start hiring. OH, NO - DANGIT - we can't do that - those aren't GUBMINT jobs, and that's all we're allowed to create these days. Grow GUBMINT at all costs.

    April 1, 2010 01:46 pm at 1:46 pm |
  16. frank in valparaiso indiana

    It s not just the recession. Its the whole ship jobs overseas, the tax breaks for Wall Street and high end uber rich. There should be tax breaks for starting up businesses or expanding businesses, not laying off workers or shipping jobs overseas. As it is, there is a better tax deal sitting on your keester with a lot of stock rather than working. The trade negotiator should be shot, he has given away the store. And the US Chamber of Commerce hasn't done the country any good with its lobbying at the national level. Its the whole crummy GOP economics mindset. Bush's daddy had it right, Reagan was practicing voodoo economics. Well the birds have come home to roost. It took 30+ years to get here. We're not going to get out easily.

    April 1, 2010 01:46 pm at 1:46 pm |
  17. Right Leaning Independent

    That is because this administration has done an unacceptable job with the economy. Rather than concentrating on job creation, this adminstration has spent its time on health care reform. Many of todays problems(foreclosures, state and local governments going broke, costs associated with extending benefits to unemployed etc.) would be solved with jobs!!!

    April 1, 2010 01:51 pm at 1:51 pm |
  18. Obama the Liar

    in less than 3 years you'll be unemployed too Timmy.

    April 1, 2010 01:55 pm at 1:55 pm |
  19. perryrants

    does he need an assistant. i am available. czar ranter. nice ring.

    April 1, 2010 01:59 pm at 1:59 pm |
  20. Carmelle

    I know many republicans don't like to talk about the Bush years, but

    THE RECESSION HAPPENED UNDER BUSH

    THE BANK BAILOUT STARTED UNDER BUSH

    THE CAR INDUSTRY BAILOUT STARTED UNDER BUSH

    Since it was already done, this is a perfect time to reconstruct HC, Energy, Financial System, etc. You might not like Obama, maybe even hate him, but you can't change the fact that HE DID NOT CAUSE THIS.

    The Stimulus did not kill jobs
    HCR just happened, so it did not kill jobs
    Surge in Afghanistan did not kill jobs

    April 1, 2010 02:01 pm at 2:01 pm |
  21. Henry Miller, Libertarian

    And Geithner's boss Obama is doing everything he can to make sure unemployment stays high. Who's going hire people when they know that, not far in the future, they're going to get slammed with big tax increases to pay for ObamaCare? And that on top of the greater benefits expenses companies will see as a result of ObamaCare.

    How can companies hire anyone when, as the dollar continues to weaken, inflation rises, and the costs of doing business keeps going up to the point where there's no money left to hire people?

    April 1, 2010 02:02 pm at 2:02 pm |
  22. William, from Cali

    Unaccepable to whom? He has a job...for now! a "long time"...what does that mean, until they bring back..."ask, and we will tell"! Who put this smart guy in-charge of recovery!

    April 1, 2010 02:02 pm at 2:02 pm |
  23. Sniffit

    All partisan jabber aside...I have to admit to loving that picture....looks like he's trying to cast a magic spell or use the force or something haha

    April 1, 2010 02:26 pm at 2:26 pm |
  24. jp,michigan

    What is he actually doing about it, other than continuously repeating hemself, it will take longer than expected. All at the expense of the American people.

    April 1, 2010 02:27 pm at 2:27 pm |
  25. Randolph Carter, I'm no expert but...

    Thanks, global capitalism! Have a nice day!

    April 1, 2010 02:34 pm at 2:34 pm |
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