God bless good ole' Joe Biden. The vice president has opened his mouth and stated that the Obama administration "misread how bad the economy was." At the same time, the veep said that the administration stands by its stimulus package and believes that the plan will create more jobs. Biden made this statement on ABC television's This Week, claiming that the nation's 9.5% unemployment rate is "much too high."
Biden noted that the figures the group used in January were "the consensus figures and most of the blue chip indexes out there." Biden added, "We misread how bad the economy was, but we are now only about 120 days into the recovery package," he also claimed that more jobs will be created in coming months.
The vice president noted that it was too early to determine if the country would need a second stimulus package. He did say that many programs will take effect in September, including $7.5 billion for broadband internet service and new money for high-speed rail and the nation's electrical grid.
Basically, he wanted to remind us that September will bring about faster spam to all Americans, faster transportation to the unemployment office, and quicker response times when the electric company cuts off delinquent customers' power. Sorry, I try not to let my political views come into play on this financial blog, but I can't help myself. At times I wonder if Biden is the only person in the administration that we get straight talk from -- I mean I'm sure that the president's teleprompter wouldn't make the mistake of admitting a mistake. However, now that we know the original stimulus package was based on poor forecasts, what do we do?
Biden doesn't know if the country will or won't need another stimulus -- thanks to the poor data, this is not a fence-riding position. Basically, Biden is saying that the administration has no idea. However, I am a bit concerned by the fact that he points to September, then to 18 months out. The problem we face is right now; the economy is at a crucial crossroads and we could be slipping back to the lows we saw before this administration took over.
Again, though I am Republican, I don't care who gets this mess fixed, just get it fixed. Unemployment at multiyear highs, people with MBAs standing on the street corner with a sign begging for jobs, and economy that is clinging on to any shred of support -- this isn't the time to admit that you may have made a mistake. Just forget about the mistake and move to correct the situation.
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Reader Comments (Page 4 of 4)
7-07-2009 @ 6:38PM
LARRY said...
BIDEN SAYS VOTING FOR OBAMA WAS A MIS READ AND SHOULD BE CORRECTED BY 2012---IF OBAMA IS STILL IN OFFICE=====================================
7-06-2009 @ 2:52PM
CHABSENTIA said...
Is this a joke?The recent 789 Billion Stimulus Bill was passed as an Emergency bill ,however, only 10% of it has been released so far so it wasn't much of an Emergency.The Stimulus Bill in the latter months of 2008 was passed and could only have been passed with the Agreement of the Democrats since all Bills have to originate in the House and it takes 218 votes either to introduce or deny Legislation and the Democrats have had at least 230 in the House since Jan 20. 2007 and the Democrats now calim they under estimated the depth.Give me a break.
7-06-2009 @ 2:56PM
ksull10312 said...
We need to take a stand before we lose our country.
Most people don't even know about the cap and trade tax but they know all the details about MJ's death. Our rights are being taken away....I was born and raised and still live in CA. This state is facing huge problems, free everything to all those who don't work....govt. housing, food, reduced pg&e, no water bills, but the farmers cannot get water to grow their crops because of a fish that isn't native to CA. We'll just import everything export nothing and pay billions of dollars a year on the interest on the stimulus package and send all our jobs overseas. I do think Obama's plan is to ruin this country economically. People wake up!! This is not a partisan issue this is an American issue.
7-06-2009 @ 2:56PM
Karen said...
Of course it was mis-read....just like no-one in the government would admit at first that we were/are in a recession!
7-06-2009 @ 4:31PM
acrylicartist1 said...
It's the Obama deficit stupid with 9,296 bull sh** earmarks that left our country crippled and has stimulated nothing!
The J.O.B.S are leaving at a rapid rate.
They are taxing even the poor folks who voted for this clown with the Obama energy tax and VAT tax.
2012 Acorn's Mickey Mouse will be a good replacement!
7-06-2009 @ 5:51PM
Rick Brohmer said...
You wanted him, you elected him, now you got him Toyota!
7-06-2009 @ 6:10PM
Texemale said...
I think the first Negro president "historical" (hysterical?) experiment will guarantee to all that it will be the last one--at least one from the Democrat Party. Go back home to south Chicago, ACORN, Bill Ayers and Retzke, B. Hussein Obama. You are pathetic and it ain't G.W. Bush's fault that you are so freakin' clue-less. Guess being a community organizer for a crooked organization is hardly resume' material for being president of the USA? LOL! This guy is so full of himself I'm surprised he hasn't crapped all over himself on live TV in front of those damn tele-prompters.
7-06-2009 @ 6:37PM
Dave said...
To Bad Obama didn't want to listen to the europeans They are doing better and so are the asians Then again they didn't give their auto industries billion and then make them go out of business We did everything wrong they hired people to rebuild their county and rebuild their milatary We stopped programs and hired acorns to get ready for the next election Sorry folks the Bush thing don't hold water no more the whole world was down . Now we are 4 to 5 times more in debt and we have no programs in to hire in the future
7-06-2009 @ 7:21PM
Danafra5 said...
I have been 11 months out of a job I have applied to everything I can and still nothing. I'm tired of calls from stupied greedy bankers and moragage companies, I had good credit once but the greed of the big money men who serve only one God MONEY have put this country in this mess and lets not forget the goverment bed buddies of Big bussiness who turn their heads so as not to see what Big Business was doing. This is what they have done to this country, KILLED it for their own gain, but they forgot so goes the country so go they. And now they are crying , pushing the every day man for their own mistakes. This didn't start with Obama or Joe, it started back in Jimmy Carters days and has got to the point we are now, all Obama and his men in the back round did was take advantage of it, read Hitler then read Obama they are compaired to each other as the same, am I saying Obama is Hitler NO I'm just saying the comparison is the same for the things happening. NO mis read, Just a Plan, to turn us into something we never were and we are back into history again What happen before will happen again, look for it to come. We need to bring the jobs back here from Companies who are base here or tell them to get out move to where ever you have your companies, if you don't belong here get out or put them out. Start taking care of our people first not someone elses or Big Greed business. Clamp down on companies who take delight in hounding you for something you can not give them. They take a tax break on you dept, sell it to someone else for pennies on the dollar and then you must pay this other company the full amount. And some of these companies own the one they sold it to , great right tax break and still get to collect the full amount. Get real We need to equal out the Senate and the rest of them elections are coming soon, we need to start telling them what they can have and have not ( Jets, pay raises, ect.). If they don't want to do anything for this country then they can sit on their big A's at home, make them eat a little cake and see how fast they get this mess fixed, instead we let them eat meat and we get the cake ( back to history again, you know what happen then). I'm done.
7-07-2009 @ 3:47PM
Joseph said...
Let us all remember that the stimulus bill was crafted by Nancy and Harry....the Republicans were shut out of the process....so we all know who to blame. Let's remember that in November 2010.