Segment 1: The Fed and Omicron SEGMENT BEGINS AT 00:39 U.S. stocks suffered their worst day of the year on Black Friday as uncertainty over a new COVID strain sparked a hefty selloff. Add to that the unexpected worrisome news from the Fed on Tuesday and you’ve...
Editor's Note: Few leaders in Washington have had as much of a direct role in attempting to control the U.S. economy and the financial markets than U.S. Treasury Secretary, Timothy Geithner. This week, there have been growing reports of Geithner's desire to exit the Treasury. He has already moved his family out of the Beltway and back to New York. And who can blame him? He is at the epicenter of the worst economic crisis in recent memory and the pressure must be immense. And as we head into 2012 (think election year), there is little doubt that the White House will expect him to maintain his economic sleight of hand. The statistics below are just the warm-up as we head into 2012… And Geithner knows this more than anyone.
(CNSNews.com) – Treasury Secretary Timothy Geithner oversaw the largest increase in the national debt of any Treasury secretary in American history, presiding over a $3.7 trillion increase in the debt.
According to data from the Treasury Department’s Bureau of the Public Debt, the national debt has increased $3,723,575,990,130.10 from Jan. 26, 2009 until June 30, 2011, Geithner’s entire tenure to date as Treasury secretary.
When Geithner took office the total national debt stood at $10.6 trillion. As of June 30, 2011, it had risen to $14.3 trillion.
In fact, the debt accrued under Geithner is greater than all federal debt accrued in the first 204 years of the nation’s history. The national debt did not reach $3.7 trillion until October 1991, according to historical Treasury data that reaches back to 1791.
Geithner, who reportedly may step down from his position soon, has overseen the accrual of more federal debt (in only 2.5 years) than every Treasury secretary combined from Alexander Hamilton to Nicholas Brady, who was Treasury secretary in October 1991 when the national debt reached $3.7 trillion.