In Maria Bartiromo's interview with Treasury Secretary Timothy Geithner (BusinessWeek, November 2 issue), he comments that: "A recovery that's going to work requires a recovery led by private demand." (my emphasis).
So, it's up to us?
Certainly, we all know that for a long time -- more than half a century, I would guess -- the U.S. economy has floated on consumer spending. But, Mr. Secretary, I think we're spent out! Unemployment is hovering around 10% (17% if underemployment is taken into consideration), home mortgage foreclosures are not declining, health care costs continue to rise and an oil change that used to cost $26 is now $32.
I think you've got to look elsewhere - Wall Street, maybe? - and let us lick our financial wounds, shore up our tattered finances, strap on some optimistic gear and worry about ourselves before we worry about getting the country, much less the world, out of a recession by buying more computers, leasing a bigger office or going to international conferences. Frankly, as small business owners, we're a bit tired right now.
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