Unemployed group blasts Geithner's handling of economy

UCubed, a group representing unemployed and underemployed workers, sharply criticized Treasury Secretary Timothy Geithner for his handling of the economy after the Labor Department last week announced that jobless claims had unexpectedly jumped to 500,000. 

"The pace of job losses is increasing, and Secretary Geithner doesn't have a clue on how to end this grave recession," said Rick Sloan, the group's acting executive director, in prepared remarks. 

Sloan noted a September 2009 interview with ABC where Geithner predicted that in 12 months jobs would be easier to find and income growth would accelerate.

"Geithner was delusional then and he's even worse now," Sloan said, pointing to comments that were made less than a month ago by Geithner declaring the economy was "on firmer foundation for future growth."

Sloan called for Geithner to resign his post as the economy appears to be backtracking from previous gains, especially on the job front. 

Last week's increase in jobless claims was the third in a row, and suggests that the private sector may report a net loss of jobs in August, a first for the year.