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.