August 9, 2009: Political Economy: Lemons-Aid (

  • That puts the White House and its not-always-artful spokesmen — Treasury Secretary Timothy F. Geithner and Lawrence H. Summers, Obama's top economic adviser — in a difficult spot, because all isn't rosy just yet and the administration has to maintain an air of reality. Both have been making the rounds of news shows asking the American people to be patient. But Geithner stumbled in an appearance with Stephanopoulos when he left the (possibly truthful) impression that tax increases may be needed some day to close the budget deficit. And Summers on several occasions had to defend his prediction of general economic improvement against expectations that unemployment will remain severe for some time.