VP Joe Biden Confesses Obama Really Goofed on “Reading the Economy”
Posted By Vicki McClure Davidson on July 6, 2009
VP Joe Biden confesses Obama and his administration misread the economic crisis
As the saying goes, hindsight is 20/20. After all, Obama’s economic advisors and many others told POTUS that his porkulus plan and his gargantuan bailouts would not help, only hurt, the US economy. But hey, HE WON. So he did it anyway, so there.
Rush Limbaugh and Mark Levin are of the mind that this is planned, part of a greater socialist agenda… other conservative pundits don’t credit Obama with enough brains or chutzpah to deliberately sabotage the American economy. Who knows? But it does make one wonder.
Ignoring the demands of a majority of American citizens? Yeah, but so what? Like he’s said, HE WON: Majority of Americans Demand ‘Cancel the Porkulus Package Now’ and Polar Bear Numbers Surge to 50-Year High, Obama’s Approval Rating Plunges to New Dismal Low
Biden, in all his looniness, warned Americans of problems with Obama lacking a strong economic plan and a solid handle on the porkulus money last month: VP Biden Says to Expect “Scamming & Waste” of Stimulus Money on His Watch: Billions at Stake, Bring in Wile E. Coyote
Now, the economy is still tanking, unemployment is still rising, hope is evaporating… the fat lady is starting to sing, and “Gaffe-tastic” Biden is playing armchair referee to Obama’s self-centered, losing game… but, hey, HE WON.
From Associated Press:
Biden: ‘We misread how bad the economy was’
July 5, 2009WASHINGTON — Vice President Joe Biden said the Obama administration “misread how bad the economy was” but stands by its stimulus package and believes the plan will create more jobs as the pace of its spending picks up.
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.
Biden noted that the $787 billion economic stimulus package was set up to spend the money over 18 months. Major programs will take effect in September, including $7.5 billion for broadband Internet service, plus new money for high-speed rail and the nation’s electrical grid, he said.
Quote from the July 6, 2009 New York Times:
“The numbers are indicative of a continued, very severe recession. There’s nothing in here to show that the economy and the market are pulling out of the grip of recession.”
— STUART G. HOFFMAN, chief economist at PNC Financial Services, on the latest unemployment figures
From Hot Air:
…It didn’t take a genius to figure that out, of course. We’ve been tracking the effect of the stimulus package against unemployment numbers for the last few months, because the Obama administration explicitly said that they needed to spend hundreds of billions of dollars to keep unemployment from getting as high as 8.8%. They got the money, and unemployment shot higher — because capital has taken flight, thanks to the big-spending policies of the Obama administration and the threats to hike taxes on businesses.
Related reading:
DaTechguy’s Blog: Those Damn Pictures. More “Nast”-tness for the President
Ned Rice, Big Hollywood: Questioning Joe Biden’s ‘Corny’ Patriotism
Gateway Pundit: As Nation Suffers– Pelosi-Reid Congress Increase Travel Costs By 50% During Recession
Confederate Yankee: “The Obama Administration is the Most Fiscally Irresponsible in the History of the U.S.”
Victoria Jackson, Big Hollywood: President Obama and the “C” Word
Michelle Malkin: Spawn of the Spendulus Updated and New unemployment numbers: Quick, blame Bush! and Tea Party Watch: Protesting the cap-and-tax cramdown and After the “Special Master of Compensation” and The biggest, most magical makework program ever!
Clinging to G & G: 120 Days After and the Stimulus Package is a Failure
Kevin Hassett, Bloomberg: California’s Nightmare Will Kill Obamanomics
RomanticPoet’s Weblog: Biden With the Biggest Understatement of the Year: ‘We misread economy’
New York Times: Joblessness Hits 9.5%, Deflating Recovery Hopes
Hot Air: New White House spin: Stimulus not designed to … stimulate; Update: Obama’s stimulus speech and Obama’s WaPo essay extols Porkulus, offers zero solutions and Stimulus fizzle has Democrats worried and Obama, the reverse Reagan and New GOP ad: The stimulus isn’t working and AIP Column: Obama’s Utopia and Dem control of Congress spikes junket travel 50%
Jim Blazsik: “We Misread How Bad The Economy Was” – Joe Biden and Peace through strength: a Reagan lesson for Barack Obama
Plumb Bob Blog: Checkin’ on the Kids: How’s That Stimulus Going?
The Hinterland Gazette: VP Joe Biden Makes the “Mother of all Blunders,” Divulges to Guests at Gridiron Club the Location of Secret Bunker Under Old U.S. Naval Observatory
The Substratum: Obama – Rose Like a Rocket, Fell Like a Stick
Chi*Town Daily News: Rush calls for investigation at U of C for patient dumping allegations and Activists blast U of C on charity care
186 k per second: Charts and Graphs – Obama’s Stimulus / Jobs Disaster
Frugal Café Blog Zone: Cracks Me Up Like a Walnut… Ambitious Biden Blog: “Joe Biden Said That?” Plus Bizarre Biden Gaffe-Blooper-Mix Video and Yet Another Trillion Dollars of Taxpayer Money… Gregg Warns That Obama’s Bailouts Will Bankrupt America and The Obamas’ Personal Debt vs. Obama’s Demand That Americans Cut Back and Liberal MSM Headlines: Obama’s Effectiveness on Economy Crumbling, More Americans Negative on His Spending… Colin Powell Wrong about Taxpayers Wanting “Big Government” and Where’s the Money, Obama?? Coburn Reveals 100 Instances of Gov’t Waste of Stimulus Package Money and Fraud in Obama’s White House? AmeriCorps & Cronie Scandal Unfolds, Taxpayer Money Funds Left-wing Groups, Inspector General Fired for Uncovering Misused Funds
CitzCom: Obama Accuses Fired Inspector General of AmeriCorps of Being Confused, Disoriented
Scared Monkeys: Obamanomics: US Unemployment Rate Climbs to a 26 Year High at 9.5%
About the author
Hindsight is always 20/20, however foresight in this day and age should be at the very least 2010.
This is all spin to get yet another stimulus package passed, and the Obama administration is going to ram this crap through congress again.
McCain is running for re-election. a global warming proponent, a cap and tax proponent.
Hey John, thanks for your service but you’ve done enough already.
Go home to Arizona and enjoy your trophy wife, (and her money), and let someone else serve the American People.
Sorry for the diversion, but it all connects.
America needs to clean out her closet.and get rid of all the “dust bunnies” lurking in the corners i.e; congress.
2010… we vote again, and by God this time we’d better make an impression.
Stand by America, we’ll take you back. just watch U.S. !