Transcript: Timothy Geithner Interview with George Stephanopoulos

STEPHANOPOULOS: A hundred and sixty thousand new jobs created last month. Job growth throughout 2010?

GEITHNER: It may not be completely even and steady, but, again, I think you're going to see the economy is going to strengthen gradually. That's going to translate into more jobs, more rapid income growth for all Americans. And that's going to help heal what was broken.

STEPHANOPOULOS: How do we deal, though, with the long-term fallout from all of this? You know, you've seen the number of long-term unemployed in America skyrocketing in the last couple of years. Even with job growth at the beginning of this decade, you had wages just flat.

GEITHNER: You did.

STEPHANOPOULOS: How are you going to create an economy that actually creates rising incomes for all Americans again?

GEITHNER: First, you have to make sure that we're growing as a country. That's very important. And we are growing and we've been growing now for nine months. That's a critical, necessary condition. And, of course, you see the president working very hard to make sure that growth translates into more jobs. That's the best thing you can do for economic security, for income growth. But the reforms he's putting in place in education are very important to make sure we're going to come out of this stronger, our kids are going to graduate with a better capacity to compete in this market and this global economy and we're investing in infrastructure, clean energy technologies, huge incentives for technology innovation, research and development. Those are the kind of things we need to do to make us stronger as a country.

STEPHANOPOULOS: I was walking down the halls they have all these portraits of your predecessors as Treasury secretary with little essays explaining what they did. What do you want the first line or your essay to be?

GEITHNER: That I came and helped this president pull the U.S. economy out of the worst economic crisis since the Great Depression and then moved to reform the financial system and build a stronger foundation for future growth for the country.

STEPHANOPOULOS: And you're going to be here for how long?

GEITHNER: For as long as the president asks me to be here.

STEPHANOPOULOS: Mr. Secretary, thanks very much.

GEITHNER: Nice to see you, George.

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