Obama's pick of Timothy Geithner for Treasury Secretary is indefensible, and yet Obama defends it
Strike 1. Obama says that Geithner's not paying Medicare and SS taxes while employed at the IMF is a "common mistake." We all make them, no big whoop...
*In 2006, an IMF report revealed that a high percentage (I don't want to go back and look it up) of Americans employed by the IMF fail to pay these taxes every year.
*Since the IMF is an international employer, these taxes are not witheld from payroll. However, employees are given a booklet, which states on page 4, that they are to report these earnings the same way an independent contractor reports earnings.
*Geithner failed to pay $34,000 in taxes from 2001-2003.
Strike 2. Geithner is a loophole seeking hound. He took a Child-Dependent Tax Credit for his kid's summer camp.
Strike 3. He didn't pay the 10% penalty for withdrawing money early from a federal retirement account
Comment 1. Obama, like McCain, supported TARP, whereas I was fiecely opposed. FWIW, a CNN poll this week shows that 60% of Americans believe TARP was a TERD. Geithner was one of the chief achetechs of the bailouts. This week, it was reported that foreclosures in December were high than any time during the year.
Comment 2. My hunch is that ILLINOIS (not US) state senator Obama would have gotten on his soapbox, like he did in 2003 when he made his now famous speech against going to war in Iraq, and spoken out against TARP. Funny, but Hillary and others were right: it's easy to make tough decisions from Springfield.