FROM CNN's Jack Cafferty:
The secretary of the Treasury has an ominous warning for the American people: It's going to take awhile for this economic recovery to feel like a recovery, and for a lot of people, it's going to be "harder than anything they've experienced in their lifetime - for some time to come."
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2011/images/07/11/art.geithner.jpg caption="Treasury Secretary Timothy Geithner."]
Timothy Geithner made those comments Sunday on NBC's "Meet the Press," in the wake of an outright ugly jobs report for June. The U.S. economy added just 18,000 jobs last month - just dismal - and the unemployment rate went up to 9.2%.
Not very encouraging, especially if you're one of the more than 14 million Americans who are jobless in this country right now. Millions of jobs don't exist here anymore. They've been shipped overseas where labor costs are much less, meaning corporate profits are much higher. But what about the country?
There are 4.6 unemployed Americans for every job opening out there, according to the Labor Department. In some states, it's much worse. In Arizona, for example, there are 10 job seekers for every opening.
What's more, nearly 20% of personal income in the United States is now provided by the government - in the form of jobless benefits, Social Security, food stamps and other programs.
The Great Recession officially ended in June 2009, but many Americans haven't gotten back on their feet. They can't find work. Job growth has been slower since then than after any recession since the Great Depression. And for a lot of average Americans times are tough.
Interested to know which ones made it on air?
Cheryl in Bluffton, South Carolina:
He's right, Jack. American corporations are sitting on $2 trillion in profits they made from laying people off and sending jobs overseas. Unless you are a CEO or major stockholder, you're either doing the work of three people or you're unemployed. Hard times, indeed.
Pete:
Even a broken clock is right twice a day. Finally, it's Geithner's turn. Actually, it's a very disingenuous forecast by Geithner, given that he and his peers like those in the financial sector and on Wall Street have done VERY well the last two years, and will continue to do so. 80% or more of our citizens are barely treading water or have already drowned, but as long as the wealthy and the special interests are still safe in their yachts, who cares?
John in Lake Charles, Louisiana:
He's right and it's going to get a hell of a lot worse if the Republicans let this country default just to help their rich friends get richer.
Carol in Northampton, Massachusetts:
Yes. The economy has changed. It's not a recession like others of the past. Many jobs eliminated will never exist again in the U.S. So, yes. It will take a long time for the skill sets to match the new economic reality.
Jayne:
Of course he's right. No one mentions our lousy trade agreements and, until they are revised or revoked, jobs will continue to be outsourced by American companies. Why pay an American worker a living wage when you aren't penalized for having work done for pennies by foreign "employees?" It's not just manufacturing, either. Your taxes might be done in India next to the office of the radiologist who reads your x-ray, and you never know.
Remo Pflugerville, Texas:
Treasury Secretary Geithner is hardly credible. None of his policies have worked. So why would I believe him now?