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Biden says administration underestimated severity of INHERITED economic problems – solution is great though!

Today, ABCnews has a story about VP Biden admitting the Obama administration “misread the economy.”

Big admission from Vice President Joe Biden today.

“The truth is, we and everyone else misread the economy,” Biden told me [George Stephanopoulos]. . .

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 unemploymnet rate has ballooned to 9.5 percent in June — the worst in 26 years.

Of course, Biden doesn’t REALLY think they misread the solution to the economy. No, that’s just peachy. What he thinks they “misread” was how bad the situation really is/was.

“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 (sic) $787 billion economic stimulus plan.

Inherited. Misread how dire things were. Well really, if you screwed up on the front end of this situation, what makes anyone think you’ll do any better on the back end – particularly since a solution pretty much depends on an understanding of the problem?

Whatever. Obama and Biden should not be allowed to use the old “inherited” dodge. Why? Well, both Biden and Obama came out of the US Senate. And neither was known as a senator concerned with spending wisely.

And if their “solution” isn’t the magic bullet advertised before the election, that’s on them. Or on the fools who didn’t look closely enough at their “plan.”

NOW!!!! For a bit of prognosticating.

Biden's statement on the economy is:

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  • felizarte

    Only when enough Americans see Obama’s nakedness will the country be able to move forward, as in, coming up with a real solution. I hope that Palin will campaign to get enough alternate legislators in 2010. That would be a true higher calling. With the country headed into a disastrous direction, a disabled legislature might be less harmful than one that does Obama’s bidding.

  • jwrjr

    History shows that the country is best served when Congress and the POTUS are of different parties. Bush proved this, and Ozero is proving it again.

  • Craig Della Penna

    Don’t forget that BO(zo) made a statement last week about how we wouldn’t be needing a second stimulus package…

    their desperation is beginning to show, every time I see Austen Goolsbee he looks like the Mob is after him…

    very soon now they won’t be able to blame Shrub for their economic incompetency: at a certain point it becomes BO(zo)’s economy…

  • oowawa

    a disabled legislature might be less harmful than one that does Obama’s bidding.

    GRIDLOCK! A worthy first step for 2010.

  • jbjd

    I tried to vote all 4.

  • Carlaforhillary

    Biden is lying.

  • Docelder

    Remember the good old days when we had a “do nothing” congress. We didn’t know how good we had it.

  • http://www.homestudioessentials.com/ A-Nony-Mouse

    I think the Obama/Biden admin has made a mistake by not properly blaming the Bush admin for the atrocity that is the US economy. The Republicans are *still* blaming Clinton and he was a great President. There needs to be MORE blame put on Bush for the mess he left behind. This is a good start, but they should have been more aggressive with this ealier.

  • tminu

    Until the reality sinks that Obama is at WAR with America, until that fact is embraced all of the artifices of his actions will be explained away.
    Make no mistake about it: Obama must deliberately nuke the economy, loot as many riches as possible (healthcare would be picking at the bones since he’s already done cleaned us out), he WANTS a desperate, unemployed, hungry, irritable, angry, rioting population because that will give him more CRISIS and therefore more control and it will make people turn to government in desperation.
    Biden is indeed sent out as a fall guy mouthpiece, they’re going to milk “blame Bush” beyond the extreme, and when that fails they will feign confusion, and when that fails they will rally impotent efforts, and when that fails we will be lost anyway. They just need to buy enough time to continue their looting and destruction, deindustrialization, war-provoking, until some shit hits the fan, then they will move to high gear martial law and property seizures.
    Watch what’s happening with Iran. First Obama said Israel could not even build more housing, cut them off from military intelligence and vice versa. Obama conned the British into running a Twitter revolution in Iran which the Islamocommunists are using to identify their opposition within the country! The British will be persecuted for their assist (consistent with Obama’s contempt for Britain). NOW all of the sudden, Biden says Israel is an independent state and the US will not tell it what to do, they’ve opened up “permission” for Israel to build, military operations are once again being shared, the Israelis displayed their nuke sub now in the Suez that got their under the knowing noses of the Egyptians, and the Saudis don’t care if they fly over to bomb Iran, Axelrod said Iran has 10 nuclear warheads, Iran has been practicing ship launches into the Caspian Sea for quite some time The writing is on the wall, Obama has orchestrated and provoked Iran into likely attacking the US, Israel attacking Iran, and/or the taking out Iranian nukes. Instead he could have assisted the freedom protesters, but his actions state that he wants a nuclear confrontation because that means power grab for him.
    Obama’s been supporting the drug mule Zelaya, with upwards of 4 planeloads of Venezuealan cocaine arriving daily in Honduras, the illegal communist was critical to the flow of Obama’s cocaine narco trafficking. They found hefty bags of US currency in Zelaya’s home. Obama is not on the side of democracy for the Honduran people, he wants his uninterrupted cocaine funds, he’s made deals.

  • tminu

    Because he’d only be lying more, mouse.
    Bush had a 5% unemployment, which when the democrats took Congress turned to 7.4% handed to OBama, and now it’s approaching 10% in just 6 months. Obama quadrupled the Bush deficit in his first 8 weeks!!
    OBama’s just getting started, he is deliberately nuking the economy.

  • politicalidentitycrisis

    I concur!

  • felizarte

    It appears that Biden and Obama are deliberately and actively trying to marginalize Secretary of State Clinton in foreign policy. I wonder how long before she can’t take it anymore. I thought that perhaps that the need to heal her broken elbow should encourage her to quit before more damage to her.

  • oowawa

    Amen, Doc. In order to get out of the hole, we’re first going to have to stop digging deeper.

  • tek

    Lisa: you nailed it when you said Biden and Obama were in the senate so they are responsible for this meltdown. The Democrats had the majority for two years and did nothing.

  • tek

    Mouse: the biggest problem is that the Democrats were *still* blaming Clinton for EVERYTHING UNDER THE SUN during the Democratic primary season and because silly people believed that tripe, we now have a Know-Nothing president instead of a Clinton who really could have remedied the economy.

    Bill Clinton is actually about the only president in modern history who ever did a great job with the American economy.

    Now we see (yet again) that everything in society, including the fanatical social issues of the far right, depend on having a good economy.

  • tek

    feliz: Hillary is better than that. She’ll put this administration to shame yet.

  • SWPAnnA

    …uh, correction, George: Not EVERYONE ELSE is complicit in this misread of the economy. It ain’t rocket science. Since when does the US System of Government push through a spending package that defies everything banks supposedly stand for upon the urging of some chicken little proclaiming the sky is falling?

    WE were reading this accurately since about May 31, 2008.

    When does anybody walk into a bank, carrying on like their house is on fire and even get a loan officer to discuss a loan with them? When was the last time a responsible lending agent (which is what the U.S. Taxpayer has become) funded a scheme because he was convinced that a n’er-do-well demanding money should be taken seriously because if his loan isn’t approved IMMEDIATELY, he’ll lose everything and take the Economy down with him?

    Macy’s doesn’t exactly send me get well cards when they notice I haven’t charged anything there in two months.

  • jbjd

    Actually, an argument could be made that, given the D’s controlled Congress for the last 2 (two) years of the GWB administration; and given the D’s control Congress now under the BO administration; and given the unemployment rate has risen 3% (some studies show this figure is higher but…)in 6 (six) months; then, this rising unemployment can be attributed to BO.

  • Ferd Berfle

    There needs to be MORE blame put on Bush for the mess he left behind.

    You comment as though blaming Bush makes any of this any better. It doesn’t, you half-baked, half-pint, half-wit. That One can’t blame this mess on Shrub anymore than Shrub could blame his mess on Clinton. Frankly, I’m sick of the deluded bots from both political extremes pushing this country further to the brink. A-Nony-Mouse, you are just as addle-headed a bot as your Bushbot counterparts were.

    You want blame–Then blame yourselves. It was you goose-stepping automatons who voted in anticipation of reward rather than for good of the country. You (Obamabot/Bushbot) are to blame for believing in pie-in-the-sky nonsense and the purveyors of that nonsense and then saddling those of us who actually work with the bill.

    And then you have the audacity to support more blame-shifting in lieu of sound policy and in lieu of self-reflection which might lead you to the correct opinion that you made a big, fat mistake voting for the man without a past.

    Why don’t you shut up? You parade your ignorance around as though it is a badge of honor. Let me fill you in–It isn’t.

  • felizarte

    You’re right! It’s just my frustration.

  • bobo

    This is going to come back to haunt the Obama administration come 2012 if and when the economy is still in the crapper with a 10%+ unemployment rate. Economist Paul Krugman didn’t misread the economy, the O administration just chose not to listen. This alone should be enough to kick Obama out of office if the economy doesn’t improve by next year.

  • TorchWood

    Inherited from Bush (spit)?

    Excuse me, but didn’t Bush (spit) have help from Congressmen including Senators?

    And what titles did Biden and That One have before moving into the white house?

    Inherited, my ass. You helped cause it, Senator MBNA.

  • Ferd Berfle

    Bill Clinton is actually about the only president in modern history who ever did a great job with the American economy.

    Spot on, tek. I am still left wondering which part of his presidency the bots from both extremes didn’t like–the peace or the prosperity.

  • felizarte

    You hit that one out of the ballpark. How fitting to have such a handle considering the Big Rat being served. Fortunately the Big Rat knows there’s a lioness nearby.

  • jjsmoof

    you’ll have to speak louder, they won’t be able to hear you over the jackhammers and backhoes.

  • http://annienyc.blogspot.com anne

    Bill Clinton also said it should be bigger. Obama blew it, what a surprise.

  • Ferd Berfle

    LMAO

  • chris from Chicago

    “A Washington DC gaffe is when a politician accidentally tells the truth…”
    Sounds about right to me…
    But honestly…I believe that Biden was hired for the VEEP position precisely because he is so gaffe prone…he is so easy to use…by the admin to do some of their dirty work….

  • Doc99

    Great leaders generally turn a bad situation around. Ozero found himself in a hole and demanded a bigger shovel. The country’s in the best of hands.

  • Ferd Berfle

    Excellent, LisaB.

    Misread how dire things were. Well really, if you screwed up on the front end of this situation, what makes anyone think you’ll do any better on the back end – particularly since a solution pretty much depends on an understanding of the problem?

    Indeed. If the analysis is incorrect, the remedy will be just as incorrect. What the hell are we doing paying these people? They wreck our economy and then ask for additional money to wreck it some more.

  • TexasMirth

    Obama is so much wiser than McCain on the economy– isn’t that what we heard all the time during the campaign? Oh…so now we hear the excuse they “underestimated” the problem. How about they didn’t have a clue?
    Obama is so smart, so brilliant, so cool, blah, blah. Now we see he is just another pompous buffoon — actually, he is the most extreme buffoon to occupy that office. So, if we are going to talk “underestimating” we need to acknowledge that the American public “underestimated” Obama’s buffoonery.

  • Ferd Berfle

    It appears as though I’ve lost another comment to the Filter-Queen. Can an administrator please rescue it?

  • jbjd

    (Usually punctuated with the word, “feh,” from the Yiddish, meaning, this stinks.)

  • Ferd Berfle

    Tx, felizarte.

    I do wish that toady, A-Nony-Mouse and his/her/its constant spamming of this website, would be banned. Free and open discourse is one thing; irrelevant hyperventilating, histrionics, and hyperbole from an escapee of a sanitarium is quite another.

  • tango

    And Obama underestimated Bidens buffonery too.

  • http://noquarter foxyladi14

    sometimes it is better to do nothing.give the true spirit of America time to shine.

  • Diana

    GO FERD~!!!!

  • Doc99

    Colin Powell’s disillusioned. Sorry, Gen. Powell – Frankenstein’s Law – You make the monster; you live with the monster.

  • Ferd Berfle

    Right on! That One’s only claim to fame is an ability to put together flowery words which sound good but are bereft of meaning so he can’t be held to anything. That One is truly an empty suit, hollow and lacking substance. He is the Twinkies politician, all fluff and no stuff. He said he was a blank slate and I took him at his word.

  • http://www.noquarterusa.net/blog/2009/07/06/colin-powell-criticizes-president-obama-the-big-spender/ Colin Powell Criticizes President Obama, the Big Spender : NO QUARTER

    [...] culpa in that regard. Now that VP Biden acknowledged that the stimulus is sort of a bust and that their team underestimated our economy’s problems, Colin Powell is distancing himself from the President with these [...]

  • Ferd Berfle

    That is a perfect illustration of That One at work, Doc99.

  • politicalidentitycrisis

    Thank you for linking this. I read that earlier and was just going to post it.

    Tht is what you get Mr. Powell, when you vote for someone just for their skin color.

  • http://www.planettalk.net/biden-says-administration-underestimated-severity-of-inherited/ Biden says administration underestimated severity of INHERITED … : PlanetTalk.net – Learn the truth , no more lies

    [...] See the rest here: Biden says administration underestimated severity of INHERITED … [...]

  • Wes

    Biden’s statement acknowledges and confirms this administration has no clue. I held my nose and voted for Obama after he ravaged Hillary because of what he said he was going to do. And the result? ZERO, nada, Zip and backing up. No, this is my candidate who I voted for who is now lying so badly its blown past reality mach 5 with his hair on fire and now approaching embarrassment as the American people begin to awaken. Me? I have insomnia with this situation which is worse than I have seen in 30 years of voting.

    Sidebar: I bet Hillary is wondering “what the hell did I do agreeing to become a part of this administration”. I don’t see her completing her term but she is no quitter. I know she looks at Obama as a wide eyed DC nymphet but can’t say a thing. This has got to wear on her. This current situation is worse than I’ve seen in 30 years of voting.

  • NoBamaNoWay

    Mr. Powell is a foolish little whore. he has whored himself a few times too many to be taken seriously now.

  • tzada

    OT but timely and heartening.

    According to the Tenth Amendment Center, at least 70 percent of the states have launched provisions to exert state sovereignty based on the 10th Amendment to the Constitution, which stipulates that “powers not delegated to the United States by the Constitution, nor prohibited to it by the States, are reserved to the States respectively, or to the people.”
    “What we are trying to do is to get the U.S. Congress out of the state’s businesses,” said Oklahoma Republican State Sen. Randy Brogdon, lead sponsor of the Oklahoma version of the sovereignty bill.
    Brogdon is currently running for governor in Oklahoma in 2010.
    WND’s June 2009 issue of the Whistleblower magazine, entitled “Don’t Tread on Me: Rebellion in America’s Heartland,” also covers the move by several states to exempt guns from federal regulation.

    http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=103208

  • Ginger

    Exactly what I was thinking!

  • tzada

    There is no shame in quitting something that is WRONG. There is no shame in quitting when you see the need for something to improve.

  • wbboei

    if you screwed up on the front end of this situation, what makes anyone think you’ll do any better on the back end – particularly since a solution pretty much depends on an understanding of the problem?
    ———————–
    That is the rub. The question to biden should be if you had gotten it right (as most people did), i.e. an L shaped recovery rather than the V shaped recovery would you still have proposed a stimulus package, and if so would it have been any differnt from the one we have today? Or is it just a slush fund for 2010 which was never really intended to help the country?

  • WMCB

    Bullshit that “we didn’t realize how bad it was”.

    All we heard on the campaign trail those last months was how terrible and horrible the doom was coming from the economy that Bush left, but not to worry, because if you’ll just elect me I can FIX it!

    Don’t claim now that you didn’t know the scope of the job, or how hard it would be. We Hillary supporters stressed for TWO YEARS how bad it was going to be, what a huge and thankless job it was going to be. And all we heard was that OBAMA WAS MOST DEFINITELY UP TO THE TASK. We weren’t even allowed to QUESTION whether he was up to snuff!

    It is not now OUR fault, or even Bush’s fault, that you padded your fucking resume and lied about your abilities. The voters took you at your word, so now it’s time to FUCKING PERFORM or STFU, you pathetic whiny assed titty baby.

  • tzada

    Wonder why Bush got 6 standing ovations in a speech he gave over the 4th of July. Dear leader makes him look perfect in retrospect. But then you long for retributions and handouts and Hitler to return, don’t you lousy? You must be ready to give your job up as being a paid blogger for O and join his citizen police force eh?

  • tzada

    Agreed. It is all an orchestrated take over, if we let them. But we won’t let them.

  • TexasMirth

    He is the Twinkies politician, all fluff and no stuff.

    Excellent description, Ferd! Although I rather like Twinkies and now, they will remind me of B.O.
    Yuk!

  • Doc99

    Thank you, Ozero-Biden, for making Rush Limbaugh a prophet for our times. Obama + Biden = Epio Fail.

  • Doc99

    That should read Epic Fail.

  • Up

    LisaB not sure what your point is. You sound like Palin.

    Perfectly legitamite for Biden to say they did not know how deep the economy would fall or how high unemployment would get. No one knew. And this points to more stimulus and not less.

    You should ask yourself how much further the economy and financial markets would have fallen without the measures taken by the government.

    There is plenty of evidence that the tax cut (40% of the stimulus), cash that went to the states, the government intervention in credit markets, liquidity injected into financial institutions, etc, etc. have had a major impact in stabilizing the financial system and the economy.

    The stimulus plan was a two year plan and we are 5 months into it.

  • Ferd Berfle

    LisaB not sure what your point is. You sound like Palin.

    And you sound like a goose-stepping Obamabot. Without getting into the details, which fly past you cretin bots, I’ll point out to you that to have a plan of action for any problem, you have to understand the problem in detail. Your Anointed One assured us that HE was the best man for the job and that HE knew what to do. He lied then and is back-peddling now. He never had a plan because he was so busy pandering to gullible fools like you; and the plan he came up with was bogus because he did not understand the problem, again because he was too busy off-gassing at every conceivable moment in time in order to pander to the likes of you. Fools, the lot of you.

    And you, Upchuck, are nothing but a water-carrying regurgitator of talking points for That One, who will go down in history as the worst president, beating out the former champion in that regard, his predecessor. Thanks a lot, dipstick, for your support of that unqualified set of boobs, That One and Plugs.

  • Ferd Berfle

    Thank you for your honest assessment from your perspective as someone who voted for That One.

    I can only hope that others like you come to see the reality of That One and his conning of the American electorate.

  • Docelder

    Perfectly legitamite for Biden to say they did not know how deep the economy would fall or how high unemployment would get. No one knew.

    Obama was running around before the election comparing the economy to the great depression. What part of that is “nobody knew”?

  • UP

    Nobody with all the knowledge in the world could predict where the unemployment rated would go. Read the Biden quote. That is what he was talking about.

    And the drop in almost every economic measure has been the worst since the great depression. It probably is not a depression because of what the government has been doing.

    Good to hear the truth from our representatives for once.

    “My view of the economy is that the fundamentals are strong, that we’ve had strong growth for a reason: that we’re competitive, we got flexible workplace, that we kept taxes low, exports are up,” Bush said. December, 2007

    http://www.washingtonpost.com/wp-dyn/content/article/2007/12/20/AR2007122002538.html

  • Ferd Berfle

    But the subject of your adoration promised us that he did. So either he lied then, is lying now, or a combination of the two. You can’t have it both ways, spinner.

  • http://deleted BuzzisbackLatte

    Obama bin lyin’. Biden tells the truth. What a strange enigma this sadministration is.

    Bush pissed us off, but Obama pissed on us.

    See a second term for Mr. Hopendopenchangernopen? His loser policies are writing the next chapter in the rise and fall of the Zero.

  • Ferd Berfle

    Hopendopenchangernopen

    LMAO.

    That One-Mr.Coughencausenmeinbritchesaresmoken

  • TeakWoodKite

    A-nony-mouse. One one hand you want BO to succeed on the other he is not playing the blame game loud enough. F*&K Bush he’s gone, BO is who you voted for, own him.

    So why don’t you make like a hummingbird and give it a rest. Please?

  • TeakWoodKite

    Inherited from Bush (spit)?

    Torchwood, thanks for the “Clint Eastwood-Hang ‘em High” VisuaL. See you on the Tartus.

  • TeakWoodKite

    the American public “underestimated” Obama’s buffoonery.

    Agreed with the addition of “some of the american people…if anything I did not think it would go so far so quickly.

  • TeakWoodKite

    Wes, while I will never know how bad your nose is “out of joint” from the amount of force require to hold it and vote for BO, welcome to the,

    Horse Latitudes

    When the still sea conspires an armor
    And her sullen and aborted
    Currents breed tiny monsters,
    True sailing is dead.

    Awkward instant
    And the first animal is jettisoned,
    Legs furiously pumping
    Their stiff green gallop,
    And heads bob up
    Poise
    Delicate
    Pause
    Consent
    In mute nostril agony
    Carefully refined
    And sealed over.

  • TeakWoodKite

    No one knew. ???WTH???

    Read much?

  • Dave

    These buffoons couldn’t run a lemonade stand. The Dems have been in charge for 6 months now, and in charge of congres for 2 and 1/2 years…ITS NOT BUSH’S FAULT ANY MORE !!!

  • fif

    Last week I got into another debate with an Obot friend. She means well, but all she does is repeat NY Times/CNN talking points, and she thinks she is informed. She kept using the word “inherited” as a true testimony to the power of propaganda. If I hear them push this meme one more time, I’m going to puke. When does it become THEIR responsibility? How much of the stimulus money have they spent, 47 million out of 787 million? Now they want a second stimulus? They didn’t listen to Krugman, Hillary et. al. up front, and now they are freaking out because they can see the tsunami of bad numbers coming at them. Good luck with that–ask your banking buddies for a bail out, and see if they’ll help.

  • politicalidentitycrisis

    I don’t want the hostile takeover to occur either, but what exactly are we doing to stop them?

    the people who could go after BHO on the Birth certificate issue are too fraidy cat. they might be called looney. Oh, the horrors of that!! Those who can go after him on different issues, like the firing of the inspector generals are sitting picking their buttcracks!

    I call my reps and they basically laugh at me. The tea parties have been somewhat flat and ignored. I’m serious. What are we doing about this hostile takeover again?

  • kgirl1028

    Obama and Biden lied cheated, and stole for this job. Coul it just be these two idiots where over their heads and should have stayed in the senate where career slackers be long. I mean isn’t it possible that they haven’t solve this problem and made it worse because they are too stupid and inexperience to solve it.

  • Dutch

    There you go again UP…regurgitating

  • Dutch

    kgirl: NO they are right on track to destroy this country!

  • Wisewoman

    Up. Let’s face it. When Obama was declared the winner on Nov. 4, 2008, I told my husband to watch the stock market. Unlike the market going up when Bill Clinton won the election in 1992, the stock market tanked when Obama won. I knew then we were in a world of trouble. Why? The bottom line is that unlike with Clinton, the real economic players and people in the know have zero confidence in Obama. Clinton came in with a plan that he talked about during the campiagn of cutting the deficit in half by cutting spending and raising the capital gains tax back near where it was (I think raising it about 3%) and creating jobs. Economists thought it was a great plan. They do not believe Obama knows what he is talking about. They do not trust him on economic issues or any other issues.

  • Daisyjane

    Just a quickie, here. I can’t read all the previous posts.

    But Biden pleading ignorance over the poor performance of the stimulus package is laughable. He is counting on all of US having one huge case of amnesia.

    Because the CBO told us (and him) before it even passed that it would cause more harm than good.

    His musings that “nobody saw this coming” is laughable. The Austrian School economists, Schiff, etc all predicted this, as did the house Republicans (who took a shot and merely guessed right this time).

    Second stimulus package? Go right ahead. I’ll be buying gold and silver.

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