joe Biden: We 'Misread the Economy'

http://www.uscollapse.tk
Big admission from Vice President Joe Biden today.

"The truth is, we and everyone else misread the economy," Biden told me during our exclusive "This Week" interview in Iraq.

Biden acknowledged administration officials were too optimistic earlier this year when they predicted the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has ballooned to 9.5 percent in June -- the worst in 26 years.

"The truth is, there was a misreading of just how bad an economy we inherited," said Biden, who is leading the administration's effort to implement it's $787 billion economic stimulus plan.

"Now, that doesn't -- I'm not -- it's now our responsibility. So the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in? And we believe it is the right package given the circumstances we're in," he told me.

The vice president argued more time is needed for the stimulus to work.

"We misread how bad the economy was, but we are now only about 120 days into the recovery package," he said. "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having to distribute the bulk of money."

Biden didn't rule out a second government stimulus package, but downplayed calls from Nobel Prize-winning economist Paul Krugman this week that a second stimulus will be needed.

I pressed the vice president, who is also leading the administration's middle-class task force, on whether he'd rule out a second stimulus package.

"So, no second stimulus?" I asked.

"No, I didn't say that," Biden said, "I think it's premature to make that judgment. This was set up to spend out over 18 months. There are going to be major programs that are going to take effect in September, $7.5 billion for broadband, new money for high-speed rail, the implementation of the grid -- the new electric grid. And so this is just starting, the pace of the ball is now going to increase."

--George Stephanopoulos

Category:

News & Politics

Tags:

• joe
• biden
• economy
• misread
• GLOBAL
• FINANCIAL
• CRISIS
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• bailout
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• wall
• street
• collapse
• fall
• peter
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• celente

[eric5906]

@crayrayc: LOL. As I find out how clueless these clowns are, the more scared I get. We are so f'ing screwed.

[nolobede]

Creationists ignorance is astounding.

[nolobede]

Idiot alert!

Valu777 debates w intellectuals:

-From Stanford academic course discussion: Darwins Legacy

To Valu777:

Since you obviously don't know the first thing about biochemistry or genetics or organic chemistry, discussing this issue with you is like discussing Socrates with a poodle. It's a one way conversation in which one participant (you) can't even argue cogently because he lacks the knowledge base necessary to do anything but sound like an ignoramus."

- dideoxynucleotide

[valu777]

Taste And See For Yourself

A person can know the Bible is God's Word by first examining the claims of Scripture, considering the evidence for those claims, and then personally accepting the challenge of Scripture to "taste and see" if these things be true. The psalmist gave the following challenge.

O taste and see that the Lord is good; how blessed is the one who takes refuge in him (Psalm 34:8).

[crayrayc]

how is this well managed? let me print 2 trillion dollars in 6 months and see who does a better job

[steeleye65]

These idiots misread the economy because they only looked at statistical data that was skewed to reflect a rosey picture. Obama and Biden do not have a clue. They should not be allowed to hand out more cash that they do not have. This "stimulus" bull is the biggest scam ever perpetrated on the American people. Cap and Trade will be even worse.

[lllraverslll]

run ...run run run