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.