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US Treasury Secretary says, US economy expanding, severe austerity would be damaging

The Nation’s economy shows signs of expansion but still faces tough challenges that call for measures to create jobs to help restore fiscal sustainability, the Treasury Secretary, Timothy F. Geithner, said Thursday.

In prepared remarks for delivery to the Economic Club of New York, Mr. Geithner said the economy was now more productive than it was before the recent financial crisis but confidence remained fragile.

“That is why it is so important that policy makers continue to work to get the economy growing faster in the short term and not shift prematurely to fiscal restraint,” he said. “We cannot cut our way to growth. Severe austerity now would be very damaging,” he added.

Mr. Geithner said that at the end of Y 2012, the Country will face a simultaneous expiration of tax cuts and across-the-board spending cuts that will amount to about 5% of the Country’s GDP.

The prospect of such a blow to National output should be a strong incentive for lawmakers to reach compromises on taxes and spending, he suggested.

Mr. Geithner said the White House was promoting a package of measures that included some tax increases for wealthy Americans. Those increases are opposed by Congressional Republicans.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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