Biden Says Administration “Misread” Economy

From George Stephanopoulos

“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.

“Now, that doesn’t — I’m not — it’s now our responsibility. So the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we’re in? And we believe it is the right package given the circumstances we’re in,” he told me.

Alrighty. So the administration’s excuse for a couple million more people who are unemployed is that they “misread” how bad the Bush economy was. But even though they “misread” it, they’ve still managed to do everything right.

Just keep on hoping things change!

The possibility that the government has made things worse for taxpayers, by terrifying businesses with cap and trade and new health care mandates, and by demonizing the achievers in the country and telling us they’re going to spread our wealth around hasn’t wiggled its way into their self-critical introspection yet.