Biden: ‘We misread how bad the economy was’

[240 is Back]

The Obama administration warned earlier this year that unemployment would climb to 8% if the recovery plan was not passed in Congress. New reports now show a 9.5% unemployment rate in June.

ABC’s George Stephanopoulos asked Vice President Joe Biden to explain why the Obama administration prediction was wrong.

“The truth is, we and everyone else misread the economy,” confessed Biden.

“There was a misreading of just how bad an economy we inherited,” Biden said on ABC’s This Week. “Did the economic package we put in place, including the recovery act, is it the right package, given the circumstances we’re in? We believe it is the right package, given the circumstances we’re in.”

This video is from ABC’s This Week, broadcast July 5, 2009.

[GigantorX]

The Obama administration warned earlier this year that unemployment would climb to 8% if the recovery plan was not passed in Congress. New reports now show a 9.5% unemployment rate in June.

ABC’s George Stephanopoulos asked Vice President Joe Biden to explain why the Obama administration prediction was wrong.

“The truth is, we and everyone else misread the economy,” confessed Biden.

“There was a misreading of just how bad an economy we inherited,” Biden said on ABC’s This Week. “Did the economic package we put in place, including the recovery act, is it the right package, given the circumstances we’re in? We believe it is the right package, given the circumstances we’re in.”

This video is from ABC’s This Week, broadcast July 5, 2009.

What a joke. Already trying to weasel out in front of it. Guess what Joe, you are in the drivers seat now, your economic "policies" are failing and it's your economy. The "First 100 Days" was a disaster and when this year draws to a close and you have your 60 votes in the Senate....what will you say then? Are you still going to blame the economy you inherited? Did you forget that you and Barry were in Congress when the economy that you inherited was chugging along? What did you do then? Yeah, you did nothing and now you complain because you've failed.

What a clown.

[Below Me]

Joe Biden - Blow me


Give the country away and then say you realized the problem  was worse than you really thought it was.


Give me my money back.

[GigantorX]

Joe Biden - Blow me


Give the country away and then say you realized the problem  was worse than you really thought it was.


Give me my money back.

No shit. Trillions of dollars, whole industries taken over, ownership banks...the list goes on and on.

It has failed, all their "predictions and "projections" have been failures and the best they can do is, "We misread how bad the economy was that we INHERITED.

No blame or introspection on their own failed policies, no, just blaming it on Bush.

[Bindare_Dundat]

“The truth is, we and everyone else misread the economy,” confessed Biden.

Yeah, riiiight.  

Meanwhile the same idiots that misread the economy are still being listened to and in charge while all the correct individuals are still being discredited and ignored.

The lunatics have taken over the asylum.

[240 is Back]

Meanwhile the same idiots that misread the economy are still being listened to and in charge while all the correct individuals are still being discredited and ignored.

Hey, 911 happened on Bush's watch after he ignored key intel.

His bragging rights for the other 7.5 years was "well, we haven't been hit since!"

[GigantorX]

Hey, 911 happened on Bush's watch after he ignored key intel.

His bragging rights for the other 7.5 years was "well, we haven't been hit since!"

This isn't about Bush.

[Bindare_Dundat]

Hey, 911 happened on Bush's watch after he ignored key intel.

His bragging rights for the other 7.5 years was "well, we haven't been hit since!"

What does that have to do with anything we're discussing here?

[Dos Equis]

What does that have to do with anything we're discussing here?

Absolutely nothing. 

How the heck did they misread anything?  Obama was harping about how bad the economy was during his campaign.  The irresponsible Bush bailout came before Obama took office. 

Sounds like these people are still campaigning and already preparing excuses to explain why the stimulus didn't work. 

[JOCKTHEGLIDE]

I agree what a fckin clown,,,WE INHERITED wtf is that suppose to me was in he in saudia arabia for awhile and now he just got back and he inhertied,,,this guy is worse than dick chenye

What a joke. Already trying to weasel out in front of it. Guess what Joe, you are in the drivers seat now, your economic "policies" are failing and it's your economy. The "First 100 Days" was a disaster and when this year draws to a close and you have your 60 votes in the Senate....what will you say then? Are you still going to blame the economy you inherited? Did you forget that you and Barry were in Congress when the economy that you inherited was chugging along? What did you do then? Yeah, you did nothing and now you complain because you've failed.

What a clown.

[GigantorX]

Absolutely nothing. 

How the heck did they misread anything?  Obama was harping about how bad the economy was during his campaign.  The irresponsible Bush bailout came before Obama took office. 

Sounds like these people are still campaigning and already preparing excuses to explain why the stimulus didn't work. 

Yep. Excuses are already being disseminated to the press and to the people. They first "couldn't waste the crisis" to push all the trillion out of the door and down the toilet whilst saying it would stabilize the economy and begin the recovery. The market was up and the data was horrific, but not as horrific as it was supposed to be so the markets ignored the facts and went up.....The media ate up and spit out the Obama propaganda and the people were convinced all was going to plan.

It seems it was all bullshit, things are worse now and getting worse. And the pathetic thing is this Admin. can only blame others and past Presidents, they come up with no other solutions of their own expect for more Stimulus Programs that won't work.

You're right Beach Bum, they were telling us how bad and horrific everything was and how they were going to hope and change everything for the better. Doesn't look like it worked.

[body88]

What does that have to do with anything we're discussing here?

Nothing.  Typical 240.

[GigantorX]

I'm surprised by the lack of posts from our resident apologists...

[MM2K]

I'm surprised by the lack of posts from our resident apologists...

Yeah, have you noticed that liberals everywhere have been very quiet the past week or two? And I think that latest jobs report dealt them a serious blow.  And how the hell could they have misread how bad the economy was? What would they have done differently? Spent $2 trillion? And why the hell are we even talking about a "second" "stimulus" package? Are they already trying to say that $800 billion was not enough to stimulate the economy? What would be enough?

Things are worse. We now have 10% unemployment with $2.50 gas. India has joined China and Russsia in bitching about the dollar. And as much as I criticize Beihner for his leadership skills, he has done a good job in asking the Administration a very fair question: Where are the jobs? You said we needed the stimulus package to keep us from getting above 8% unemployment, and now we have 9.5% unemployment. Where are the jobs? I hope Obama keeps talking more and more about green jobs. Sooner or later people are going to start to ask, "Why is he talking about GREEN jobs? I just want a JOB!!!"

They keep talking about how they inherited this recession. That may be true, but they inherited it when it was 13 months old. Economies cant fall forever. So it is reasonable to expect a relatively quick rebound even if the recession is more severe than usual.

[Dos Equis]

I'm surprised by the lack of posts from our resident apologists...

The silence is deafening.  Similar to the thread where Obama's press secretary all but admitted Obama was about to break one of his main campaign promises (taxes and socialized healthcare).

[Soul Crusher]

The Obama administration warned earlier this year that unemployment would climb to 8% if the recovery plan was not passed in Congress. New reports now show a 9.5% unemployment rate in June.

ABC’s George Stephanopoulos asked Vice President Joe Biden to explain why the Obama administration prediction was wrong.

“The truth is, we and everyone else misread the economy,” confessed Biden.

“There was a misreading of just how bad an economy we inherited,” Biden said on ABC’s This Week. “Did the economic package we put in place, including the recovery act, is it the right package, given the circumstances we’re in? We believe it is the right package, given the circumstances we’re in.”

This video is from ABC’s This Week, broadcast July 5, 2009.

240 - you really outdo yourself sometimes.  I'm serious. 

I said from day one this thing was a disaster and not designed for jobs and stimulus.  It was designed to grow govt.  You, Straw, Lurker, and others kept telling me that money going to abortion clinics was "stimulus", monies going to all sorts of garbage govt programs was "stimulus". 

Its not, and just because we have a black messiah does not make economic reality and history go away.  What Obama wants to do wont work, never has worked, and has no hope in the future of working.  Obama's entire philosophy is a failure.   

Obama and Biden between the two of them HAVE NEVER WORKED A DAY IN THE PRIVATE SECTOR and have no clue whatsoever what they are doing. 

All ZERO and biden had to do was come on here and listen to a few of us  since it seems we were far more accurate than he was. 

biden says "no one" knew!!!  What nonsense.  Many of us knew this was not going to work and the real state of things.

As with all else, Obama and bidebn are liars and failures. 

[dario73]

Hey, 911 happened on Bush's watch after he ignored key intel.

His bragging rights for the other 7.5 years was "well, we haven't been hit since!"

Technology bubble burst at the end of the Clinton era. Remember all those shootings by people in online trading offices and people getting fired by those nifty .com startup companies.

Bush never complained about inheriting a declining stock market and over 1 million lost jobs from Clinton. On top of that, 911 happened and yet the economy bounce back under his watch until the last few months of his presidency.

Saying Bush ignored key intel is like saying Clinton rejected killing or apprehending Bin Laden when he had the chance. Pretty stupid, right?

[Soul Crusher]

Technology bubble burst at the end of the Clinton era. Remember all those shootings by people in online trading offices and people getting fired by those nifty .com startup companies.

Bush never complained about inheriting a declining stock market and over 1 million lost jobs from Clinton. On top of that, 911 happened and yet the economy bounce back under his watch until the last few months of his presidency.

Saying Bush ignored key intel is like saying Clinton rejected killing or apprehending Bin Laden when he had the chance. Pretty stupid, right?

Yes Obama inherited a bad sisutation.  But he has made it far worse by taking money out of the private economy and wasting on the govt programs that dont work. 

By his own definition he is a failure since he said without his stimulus bill UE would reach 8.8%.  Now, WITH THE STIMULUS BILL, we are racing to 10% with no end in sight. 

Thus, by his own definition, Obama is a failure.     

[tonymctones]

Technology bubble burst at the end of the Clinton era. Remember all those shootings by people in online trading offices and people getting fired by those nifty .com startup companies.

Bush never complained about inheriting a declining stock market and over 1 million lost jobs from Clinton. On top of that, 911 happened and yet the economy bounce back under his watch until the last few months of his presidency.

Saying Bush ignored key intel is like saying Clinton rejected killing or apprehending Bin Laden when he had the chance. Pretty stupid, right?

WOW very good points, you should post here more often

[Bindare_Dundat]

 911 happened and yet the economy bounce back under his watch until the last few months of his presidency.

Do you know why and how that affected the economy later?

[Kazan]

I wasn't aware Biden knew how to read 

[Soul Crusher]

Do you know why and how that affected the economy later?

[Bindare_Dundat]

I can't stand watching that shit.

"The house is on fire, the house is on fire now."

Yes douchbag, first you ignored the guy that told you gasoline was being poured on the house for years. Now that the house is burning, you still won't listen to the guy that is telling you how to put it out because you are too stupid to understand what he's saying. These talking heads have shit for brains.

[Soul Crusher]

Amazing isnt it?

They dont want to hear anything that contradicts their massive govt ideology. 

[GigantorX]

Technology bubble burst at the end of the Clinton era. Remember all those shootings by people in online trading offices and people getting fired by those nifty .com startup companies.

Bush never complained about inheriting a declining stock market and over 1 million lost jobs from Clinton. On top of that, 911 happened and yet the economy bounce back under his watch until the last few months of his presidency.

Saying Bush ignored key intel is like saying Clinton rejected killing or apprehending Bin Laden when he had the chance. Pretty stupid, right?

Welcome aboard.