They're calling it "Recovery Summer." The Obama administration has been pushing their case for November by harping that their policies have turned the economy around. But no matter how much they talk - and even if we are on the road to recovery - the reality is that unemployment is still over nine percent. It's no secret that the talking points need statistical proof to give them credibility. That's got the Democrats worried as we make our way towards the mid-terms.
Here's what Treasury Secretary Tim Geithner told me. Notice his choice of the word "moderate."
SEC. GEITHNER: This was a recession caused by a set of policies that left us with a $1.3 trillion deficit when the President came into office. An economy that was falling off the cliff. Millions of Americans had already lost their jobs. The recession was a year old at that point. And given that we've been living beyond our means as a country, Americans had been borrowing too much-- and you had a huge growth in risk taking and leverage in the financial system, what you would expect is a more moderate paced recovery than as typical-- and that's what we're seeing. But again, you are seeing a recovery.
And while Geithner remained optimistic about where we are headed, I found his answer about our future to be pretty telling. Here was my question:
But hasn't the world fundamentally changed, and the markets that you simply cannot expect to get the kind of return on investment that you've enjoyed and so many Americans have enjoyed for so many years?
You've heard the theories that the jobs are not coming back. Geithner did not say that, but he did tell me, "I think the trauma caused by this crisis is gonna be profound and long lasting." What he did infer is that lifestyles might need to change. As Geithner called it, a "necessary change in behavior."
You can catch the rest of my interview with the Treasury Secretary here. We also hit on the expiration of the Bush tax cuts, capitol gains tax and the ongoing housing crisis.
And while the economy has been the big story, this week we were all talking about Shirley Sherrod. The story gave of insights about the role of race in politics and the media. Our roundtable of Marc Morial, Anita Dunn, Rick Santelli, E.J. Dionne and David Brooks gave some perspective.
There was consensus for the obvious takeaway - that, journalistically, this never should have happened. As David Brooks recalled the old reporters saying, "If your mother says she loves you, check with two other sources." There was also a consensus that all groups are comprised of racist entities. As Rick Santelli pointed out - Democrats, Republicans, Tea Party, liberals - they all have extreme members with fringe and sometimes hateful views.
But as Marc Morial put it, "Mr. Breitbart threw a firecracker into a crowded room." And reacted, and overreacted, very quickly.
Between this and the firestorm that was last year's beer summit, you have to wonder why these incidents keep happening to the Obama administration. He is the first African American president - shouldn't race be the easy part?
Here's how former Obama White House official Anita Dunn put it:
I think that the broader question, though, which is, you know, how is this suddenly Barack Obama's problem? He has written an entire book about race. In his book Audacity of Hope, he devotes an entire chapter. He made the speech in 2008.
But the reality is that it is his problem because it happened on his watch. I asked Marc Morial what the president could do better in the race department. He told me that Obama needs race advisers - something he thinks all president's could benefit from.
I'm interested in your take.
You can catch the rest of the roundtable here. You'll want to hear more of our guests' insights on Sherrod, the economy and politics.
We'll be back next week. If it's Sunday, it's Meet The Press.
