Summer of Recovery Continues With the Worst Small Business Sentiment Index in American History; Tim Geithner Says Business Owners Are Lying

Mish relays the latest small business survey results from Wells Fargo and Gallup. I'll summarize the results in a single word: Obama.

The Wells Fargo/Gallup Small Business Index -- which measures small-business owners' perceptions of six measures of their current operating environment and future expectations -- fell 17 points to -28 in July. This is its lowest level since the index's inception in August 2003.

Record Pessimism in Future Expectations

Most of the decline in the overall index came in the Future Expectations Dimension of the index, which measures small-business owners' expectations for their companies' revenues, cash flows, capital spending, number of new jobs, and ease of obtaining credit. The dimension fell 13 points in July to -2 -- the first time in the index's history that future expectations of small-business owners have turned negative...

...Big-firm earnings and global growth may drive profits on Wall Street, but small business is the major source of U.S. job creation. And most small-business owners are unlikely to hire as long as they are becoming increasingly uncertain about the revenues and cash flows of their companies in the months ahead.

With scores of new regulations on the horizon -- including health care, energy taxes, financial reform and increased personal taxes -- it's impossible for a business owner to forecast. And it's therefore equally impossible for a small business to hire.

Of course, the only Treasury Secretary in American history who couldn't operate TurboTax properly says that all of these business owners are lying.

...last week’s data on economic growth show that large parts of the private sector continue to strengthen. Business investment and consumption — the two keys to private demand — are getting stronger, better than last year and better than last quarter...

...The economic rescue package that President Obama put in place was essential to turning the economy around. The combined effect of government actions taken over the past two years — the stimulus package, the stress tests and recapitalization of the banks, the restructuring of the American car industry and the many steps taken by the Federal Reserve — were extremely effective in stopping the freefall and restarting the economy...

Geithner is an an unqualified propagandist who has fabricated a recovery from whole cloth.

Without small businesses generating jobs, there is no recovery.

Come to think of, Geithner fits in perfectly with the likes of Axelrod, Emanual and Obama: people who've never worked an honest job in their lives.