Biden, in an interview airing Sunday on ABC's "This Week," said the nation's 9.5 percent unemployment rate is "much too high."
"The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there," Biden said.
"We misread how bad the economy was, but we are now only about 120 days into the recovery package," Biden added. More jobs will be created in coming months, he said
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Sort of true. If he said that they overstated how poorly the economy was doing, neglected to pay attention to some basic history lessons and failed to look up the definition of the word “stimulus” it may have been more accurate.
The problem is not that the economy was worse than the Obama administration had thought, the true problem is that their solution, just like the New Deal, is turning the recession into something more serious. Throughout the entire New Deal, government spending was unprecedented but it never managed to bring unemployment down to under double digit numbers. It did take a few percentage points off of a swelled unemployment figure but the impact was minimal and when the New Deal ended, the US economy was back in the same boat requiring a massive war effort to get people back to work and economy on track.
Despite the massive amount of spending on pork (yet another campaign promise broken), failed industries and the labor unions that sucked them dry -consumer confidence took another hit recently, the market is still not back to its high in January and unemployment (which the stimulus was all about) is going in the wrong direction. Not to worry, there are several disastrous and expensive environmental and health care bills on the table to make this stew even tastier. There were a few significant tidbits I left out – but why depress everyone? It's a holiday weekend after all. One thing I will say about BHO is that he promised change, and on that he delivered.
Update-
And the hits keep coming..
Print | posted on Sunday, July 05, 2009 10:24 AM
