Biden: Administration "Misread" Economy

**Jason** · 07-06-2009, 06:56 AM

In an interview on ABC News' This Week, Vice President Joe Biden said that although the Administration relied on consensus economic forecasts in crafting its economic stimulus package, the White House erred in its assumption about the unemployment rate. Biden said, "The truth is, we and everyone else misread the economy. The figures we worked off of in January were the consensus figures in most of the blue chip indexes out there. ... No one was talking about that we would be moving towards -- we're worried about 10.5 percent, it will be 9.5 percent at this point. ... We're much too high." The remarks were tepidly reported by news wires and print sources, which also noted congressional criticism. The AP reports Republican congressional leaders "expressed disappointment about the impact of stimulus spending," while Biden "cited the economic conditions inherited from the Bush administration."

The Washington Times notes that Biden "said it's unfair to consider" the stimulus "program a bust because 'no one anticipated, no one expected that recovery package would in fact be in a position at this point of having distributed the bulk of the money.'" The Hill reports Biden "refused to rule out a second stimulus bill, which some economists have called for in order to stem job losses and spur the economy once again."

http://www.usnews.com/usnews/politic...tin_090706.htm

bry623 · 07-08-2009, 07:03 AM

So why can we trust them on any future economic decisions?

07-06-2009, 06:56 AM	#1 (permalink)
Jason Faugh a ballagh Join Date: Dec 2001 Location: Pasco, FL Posts: 8,475 OS: Windows Vista My System Blog Entries: 2	Biden: Administration "Misread" Economy In an interview on ABC News' This Week, Vice President Joe Biden said that although the Administration relied on consensus economic forecasts in crafting its economic stimulus package, the White House erred in its assumption about the unemployment rate. Biden said, "The truth is, we and everyone else misread the economy. The figures we worked off of in January were the consensus figures in most of the blue chip indexes out there. ... No one was talking about that we would be moving towards -- we're worried about 10.5 percent, it will be 9.5 percent at this point. ... We're much too high." The remarks were tepidly reported by news wires and print sources, which also noted congressional criticism. The AP reports Republican congressional leaders "expressed disappointment about the impact of stimulus spending," while Biden "cited the economic conditions inherited from the Bush administration." The Washington Times notes that Biden "said it's unfair to consider" the stimulus "program a bust because 'no one anticipated, no one expected that recovery package would in fact be in a position at this point of having distributed the bulk of the money.'" The Hill reports Biden "refused to rule out a second stimulus bill, which some economists have called for in order to stem job losses and spur the economy once again." http://www.usnews.com/usnews/politic...tin_090706.htm __________________ Posting Tips \| Advice for New People \| Common Fixes \| Agus na damnaithe fágtha gan focal Glaoigh ormsa i measc na naomh

07-08-2009, 07:03 AM	#2 (permalink)
bry623 Manager, The Conversation Pit/Analyst, Security Team Join Date: Apr 2002 Location: NW Territory circa 1787 Posts: 11,692 OS: winxp pro sp2	Re: Biden: Administration "Misread" Economy So why can we trust them on any future economic decisions? __________________ "If you aren't a liberal when you're 20, you have no heart. If you aren't a conservative when you are 50, you have no brain"