Obamanomics: VP Joe Biden Admits They (Obama) Misread the Economy & Pork Stimulus Bill was Never Going to Create Jobs this Year
Remember when Joe Biden said, mark my words, it would not be six months before the world tests Barack Obama and that it’s not gonna be apparent that we’re right. Who knew that Biden was talking about Obama handling the economy as well? Biden admits that the Obama Administration misread the tea leaves. To the contrary Joe, not everyone misread the economy, many believed that the stimulus package was not more than pork in sheeps clothing.
Big admission from Vice President Joe Biden today.
“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.
These people are still more worried about this being not their responsibility than fixing the problem.
Vice President Joe Biden stated on the Sunday talk show ABC’s This Week” with George Stephanopoulos that the Obama Administration misread how bad the economy was.
“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.
Biden said it’s premature to say whether the country will need a second stimulus package.
As stated at The Strata-Sphere, Biden all but admitted that the $787 billion liberal pork stimulus package passed in February was never mean to create any jobs until the Fall and well into next year. So all the jobs that Obama and his minions promised to create immediately was really bunk. Is it any wonder that unemployment continues to rise. This stimulus package was portrayed by Obama to create jobs now, not 18 months later.
Later Biden promised job creation is coming now that the needed contracts are finally being put in place (t- 3.50 minutes). This is the third 3rd admission that there was no way the stimulus bill could create jobs any earlier than September, and not in any great number until after that.
There you have it – the administration’s mea culpa. They knew damn well the government bureaucracy was too sluggish to get the money out into the economy quickly. They had to rush the bill before the media exposed their little white lies.
Exit Question: What else will this Administration misread? Also, is not this the same people who criticized the Bush Administration for getting the help to Hurricane Katrina victims too slow? What are they waiting for, unemployment to reach 11%?
UPDATE I: Paul Krugman can defend the Obama White House all he wants with charts, pie graphs and analysis. The fact of the matter is that Obama and his minions openly went out to the American people and stated that this pork stimulus plan would create new jobs now. Not in the Fall and not in 2010, but now. Common sense would say to any independently thinking person that a $787 billion stimulus was rushes into law to help the economy now. It would have to address the recession problem sooner rather than later. However, this was not a stimulus package, it was a pork give away.