Biden: We 'Misread the Economy'
One word: NO.
Does Joe Biden have a point? YES, he does. This goes back to the debate prior to the stimulus package passing and the sticking point that the package was not enough money. Paul Krugman may just be right.
Along with this point is the unemployment numbers which are killing the Obama Administration. The job loss in this country is staggering. I don't care what anyone says, the patience will run thin if things do not turn around and eventually the finger pointing will be at the Obama Administration.
The unemployment numbers are a dark horse here, for anyone not to believe that needs to wake up. If the Obama Administration needs another stimulus package, that is going to be a very hard sell to congress and will give the Republicans a talking point.
"The truth is, we and everyone else misread the economy," Biden told me during our exclusive "This Week" interview in Iraq.
Biden acknowledged administration officials were too optimistic earlier this year when they predicted the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has ballooned to 9.5 percent in June -- the worst in 26 years.
"The truth is, there was a misreading of just how bad an economy we inherited," said Biden, who is leading the administration's effort to implement it's $787 billion economic stimulus plan.