Treasury Secretary Geithner Spent Record $13 Trillion Over His Tenure

As the U.S. Treasury Secretary, Tim Geithner wields a considerable amount of influence over government financial matters. He’s the equivalent to the Minister of Finance in other countries. On the Treasury’s website, it outlines some of the Secretary’s key roles in government:

 “The Secretary of the Treasury is the principal economic advisor to the President and plays a critical role in policy-making by bringing an economic and government financial policy perspective to issues facing the government.  The Secretary is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt. The Secretary oversees the activities of the Department in carrying out its major law enforcement responsibilities; in serving as the financial agent for the United States Government; and in manufacturing coins and currency.”

 Over the course of Geithner’s tenure, he’s overseen more spending than any other Treasury Secretary. He was originally confirmed as Secretary on January 26 of 2009, and between February of 2009 and November of 2012, the Treasury has distributed over $13.5 trillion.

CNS News reported that the Treasury Secretary most likely to have outspent Geithner was Henry Morganthau, Jr., who served under FDR during the Great Depression and World War II. Cumulatively, during his time as Secretary, from 1934 to 1945, federal spending was just over $5 trillion in 2012 dollars. And that wasn’t even as much as the Treasury borrowed during Geithner’s time. Since Geithner was sworn in, the U.S. has borrowed $5.8 trillion, which increased the national debt by 54.7% in just 4 years. This means that the Treasury has borrowed around 43 cents for every dollar it’s spent.

The president’s and other politicians’ promises leading up to the phony “fiscal cliff” to cut spending were all a bunch of lies. There is no incentive at all for government to cut spending. The CBO is estimating now that this fiscal cliff deal “will reduce revenues and increase spending by a total of nearly $4.0 trillion over the 2013-2022 period.” Spending will continue to increase during Obama’s 2nd term, the deficit will widen and the debt ceiling will be pushed higher and higher until they just scrap the ceiling altogether.







Comments

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Posted in Business, Corruption, Debt, Economics, Economy, Taxes Tagged with: , ,
  • Hawkeye

    I thought Congress was the holder of the checkbook and only they can authorize the spending of funds.

    • RogerZ

      True, but the treasury secretary has a lot of influence over policy. The congress and president will sign off on anything the treasury secretary or Fed chairman “advise.”

      • RubyBlu

        I pity the employer who hires him in his ‘next’ job….wonder if any of the big banks are looking at him as a possibility LOL

  • Marc Jeric

    Our current annual deficit of $1.2 trillions translates into $3.278 billion per day, i.e. to $3,287,000,000 every day of the year of that printed paper money that is not backed by anything real, only by vague promises in the far-away future. Every hour every day throughout the year those Washington criminals are printing $137 million – or, to make it more comprehensible to the working stiffs, $137,000,000/hour. By the end of Obama’s second term the national debt will be – let me take a deep breath – $22,000,000,000,000, or twenty two million millions.
    If that is not “high crime and misdemeanor” – then I do not know the meaning of those words.

  • colleenf

    How typical! Another democrat spending everyone else’s money with absolutely NO consequences.
    This is why these agencies, etc need to present a budget on an annual basis and present exactly how they will and what they will spend OUR money on! And that includes down to the last paper clip and pen!

  • Delores109
    • Rachel

      Who is going to go after him…Eric Holder? Hahaha. The one lies and other other one swears to it.

  • Randy131

    What normally would have stopped this insane spending of borrowed money would have been the source of the borrowed money drying up, which it did. But in steps the ‘Federal Reserve Board’ (FRB) and Ben Bernanke, who under Obama’s direction, instituted ‘Quantitative Easing’ (QE), which under the excuse of stimulating the economy, stepped in and bought those US Treasury Bonds that the government uses to obtain borrowed money, for which the old sources of countries like China, Japan, and the Arab countries, as well as private investors, normally would have, until they decided the risk was to great, and that the USA would not be able to pay back those large sums of money. So to keep Obama being able to spend as he does, the FRB over the last 4 years, have instituted QE I, II, III, and now IV, because there are not enough buyers of US Treasury Bonds to pay off the old maturing US Treasury Bonds, as well as to keep up with Obama’s spending habits, which Obama refuses to cut. Now you know how and why Ben Bernanke got appointed as Chairman of the FRB by Obama. The result of this, besides bankrupting the USA, will be inflation, that the government has kept hidden from the public by false reporting, using special accounting techniques to do so, but the coming hyper-inflation will be impossible to hide from the public, and will cause terrible suffering for the poor and middleclass across the USA. Welcome to 2013, for besides the higher taxes Obama has imposed on everyone, you also have this inflation to look forward too, as well as many other Obama policies that seem designed to destroy the USA. Happy New Year!

    • Suescritters

      Obama spending $ like it was his own Geithner printing like there is no accountability. Hold them accountable

      • Randy131

        Obama’s policies are destroying the USA, all of them, not just his financial policies. What needs to be figured out is if he is doing it on purpose, or it’s his plan and goal to do so? Nobody could be that stupid not see what is happening, including Obama, and what his policies are doing to the USA.

  • marineh2ominer

    We know NOTHING true about Obamass past , just what do we know about Timothy Geithners past ? No curiosity for the lack of scrutiny , not even the CIA connections ? My fellow Americans , are , as the Russian press recently noted , incredibly naive and ignorant .

    • Honorary

      I believe that he used to work for the IMF. This position gave him privilege when the ‘less developed’ nations want to borrow money from the IMF; they were willingly to pay him a first class flight and he will be treated like a king when he traveled to the countries before the loans were granted. He got a lot of perks and a good pay day, but he still avoided paying his income taxes- that’s why he is qualified to be hussein obama’s economic adviser – take one to know one. I don’t know how much of that trillions had been seeped out to some one’s in the Swiss Bank accounts???

  • Don

    Gietner and Bernankie between them and the Obama administration did send over Five Trillion dollars that went through England. That does not include the Seven Trillion that the Obama administration has increased our debt here in the United States. You will not here anything about the Five Trillion that Bernankie and Gietner printed that was sent some where in Europe through England

  • hongryhawg

    That plaque would look great on the wall of his jail cell.

  • Suescritters

    He should be fired. Anyone know if hr ever paid his back taxes?

  • Joanne

    Just another Obama idiot, most morons surround themselves with the same types and Obama is a moron, too. Take a look at Pelosi, Reid and Biden!

  • Rachel

    What the hell, it’s not HIS money! Spend, spend, spend! This administration is the worst in American history…and we are going to pay for it, big time.

  • Ron G

    Did he ever pay his taxes?

  • http://www.facebook.com/adrian.vance1 Adrian Vance

    Timothy Geithner is a genuine “smart feller.” He does not show Shinola from bird droppings.

    Come see us at The Two Minute Conservative, http://tinyurl.com/7jgh7wv When you speak ladies will swoon and liberal gentlemen will weep.

  • Mudpuppy

    Funny. A tax cheat in charge of the money. We have the most gangster-ridden government since Germany in the 1930s.

  • Delores109

    AMERICANS,
    For those of you who do not know how Obama & Geithner are connected….here’s some connnections. Timothy Geithner’s maternal grandfather was Vice President of Ford Motor Company. Timmy’s Daddy was with the Ford Foundation, Timmy’s Dad worked with Obama’s Mother in Indonsia. Timmy’s Daddy was the boss of Obama’s mother, They worked on microfinancing. My guess is that Obama’s Mom fetched coffee for Timmy’s Dad. Ford Motor Company did NOT take a bailout. Most likely, Ford was “paid under the table.” Obama, alias, Barry, was in Indonesia for a few years, so he must have met Geithner at some time when he visited Timmy’s Dad, Peter Geithner. You know how childhood friends are….. they hallucinate about overthrowing governments!
    Delores Smith
    [email protected]

  • http://twitter.com/madmemere June Gagnon

    I doubt that he spent it – -he probably stole it and socked it away somewhere!