Biden: “We Misread The Economy”
As the economy continues to free fall, the Vice President of the United States admits that they were wrong about the economy, and that their debt exploding so-called “stimulous package” didn’t work.
So, what is the only option to resolve these mistakes -do it again of course. (oh, and blame Bush)
________________________
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.
…
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.
{The Rest of the Article}
This entry was posted
on Monday, July 6th, 2009 at 2:22 pm and is filed under Democratic Party, Economy, Politics.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.
Comments and respectful debate are both welcome and encouraged.
Comments are the sole opinion of the comment writer, just as each thread posted is the sole opinion or post idea of the administrator that posted it or of the readers that have written guest posts for the Blogmocracy.
Obscene, abusive, or annoying remarks may be deleted or moved to spam for admin review, but the fact that particular comments remain on the site in no way constitutes an endorsement of their content by any other commenter or the admins of this Blogmocracy.
We're not easily offended and don't want people to think they have to walk on eggshells around here (like at another place that shall remain nameless) but of course, there is a limit to everything.
Play nice!
First. Joe, is it possible that the American public misread the Democratic Party and their President and Vice President? Probably, but you’ll never hear them admit it.
Mr. Vice President, your remarks require a willing suspension of disbelief.
Economy is still falling, unemployment is still skyrocketing…and yet no one has blamed this Administration publicly, even though they were all over GWB and John McCain during the election….hmmmmmm
Maybe we would have been better off doing nothing.
re: #2 by BuddyG
LOL!
Obama and Co. are certifiably insane by Einstein’s definition.
Henry Morganthau was Secretary of the Treasury under Franklin Delano Roosevelt (You know, FDR’s, Tim Geitner) and at the end of FDR’s second term (You know, 8 years into the depression) he was addressing the House Ways and Means committee and he made the statement:
I don’t see the Krugman mentioning this in his article. hmmmmm
re: #6 by whatfur
I cannot see Krugman’s name without being reminded he was an adviser to Enron.
Funny you should mention FDR, that is why I was so late getting home. I had to drive out of my way to stop by the wax museum to flip him off.
I posted the comment above on the NYT website in response to the Krugman article and it seemingly has now disappeared.
That’s the problem with socialists; when something they do goes wrong, they do it again, thinking they just need to do it harder.
…and MISREAD!!! I thought they were comparing this problem to the Great Depression when Obama took office