GREGORY: When you look at the economy overall, growth at 2.7 percent last quarter. How does the-- the economy get out of this slump? What is our economy doing well right now? What are we not doing as well as a country to deal with our economy?
MR. GEITHNER: Good question. The economy now is actually looking quite resilient. If you look at whats happening in energy, enormous boom. In agriculture, even with the drought, youre seeing incredible levels of income to farmers, which is really welcome. In manufacturing, one of the strongest periods in manufacturing revival that weve seen in almost a generation, not just in autos, and not just in high tech, but comprehensibly across that. Were showing American companies very competitive, very resilient, and companies are bringing back production from China and Mexico because this is looking like a much stronger country in which to invest and build. Thats-- those are very encouraging signs for the American economy. And the people running Americas businesses would say theyre in the strongest position theyve been in maybe a decade in terms of the ability they have to expand and grow. And if we are able to lift this threat of big tax increases on middle class Americans, lift this threat of periodic threats of default, lift this threat of badly designed deep-- the severe austerity on the spending side up front; then I think theres enormous potential for the American economy to grow faster going forward. And thats what the president heard from the leaders of Americas businesses this week.
We’ll have a round of what ever Tim is drinking!
The economy now is actually looking quite resilient. If you look at whats happening in energy, enormous boom. In agriculture, even with the drought, youre seeing incredible levels of income to farmers, which is really welcome.
A nice look into their mindset... Income is taxable, they don’t consider the expenses necessary to a farmer to generate that income or the myriad of ways the crop can be lost.