Biden Acknowledges Administration 'Misread' The Economy - DFWstangs Forums
 
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post #1 of 21 (permalink) Old 07-06-2009, 01:43 PM Thread Starter
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Biden Acknowledges Administration 'Misread' The Economy

http://voices.washingtonpost.com/44/....html?wprss=44

By Scott Wilson
Vice President Biden acknowledged today that the administration underestimated the depth of the economic recession months ago as it prepared a recovery package that is only now beginning to take effect.

"We misread how bad the economy was, but we are now only about 120 days into the recovery package," Biden said on ABC's "This Week." "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having distributed the bulk of the money."

Figures released last week showed that the national unemployment rate has reached 9.5 percent, and that the economy is still shedding nearly half a million jobs a month.

President Obama pushed through a $787 billion stimulus package within his first month in office to slow the economic slide by replacing retreating private-sector demand, in part, with government spending.

But criticism has been mounting from the left and right, albeit for different reasons, that the plan was misconceived.

Administration officials have argued for weeks that the economic projections made before Obama took office presented an overly optimistic view of the economy, a case Biden reiterated in blunt terms today.

Conservative critics have used the mounting job losses to argue that the stimulus package - a mix of government spending and tax cuts - should have been titled more toward the latter than it was.

Meanwhile, liberal economists such as Paul Krugman have argued for more public spending, just as the stimulus money begins trickling into the economy.

After acknowledging the economic "misreading," Biden said "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 said.

Asked if a second stimulus package is needed, Biden said it is "premature to make that judgment."

Instead, he said, the administration will monitor the effect of the government spending in the coming months, as the public-works projects financed by federal funds move from the planning stage to the hiring and construction phase.

"And so this is just starting," Biden said. "The pace of the ball is now going to increase."
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post #2 of 21 (permalink) Old 07-06-2009, 02:32 PM
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Get ready for "Stimulus #2". The Libs are notorious for throwing away good money after bad...like inner city education? After the billions spent on inner city schools, they are still cesspools with horrendous drop-out percentages, and even worse graduation rates.

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post #3 of 21 (permalink) Old 07-06-2009, 03:22 PM
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Stimulus #2 means they fucked up, pure and simple.

And when Biden says "the truth of the matter..." he's full of shit. Fuck him.

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post #4 of 21 (permalink) Old 07-06-2009, 03:53 PM
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Obama's message to the residents of the United States.....

Yet still the silly Demoturd Liberals when they should be doing this to him
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post #5 of 21 (permalink) Old 07-06-2009, 03:57 PM
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Originally Posted by Zfan View Post
Obama's message to the residents of the United States.....

Yet still the silly Demoturd Liberals when they should be doing this to him
His entire administration and term, will get a pass by the liberal press. They've already committed and sold out to him, so they have no way to save face.

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post #6 of 21 (permalink) Old 07-06-2009, 04:13 PM
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Get ready for "Stimulus #2". The Libs are notorious for throwing away good money after bad...like inner city education? After the billions spent on inner city schools, they are still cesspools with horrendous drop-out percentages, and even worse graduation rates.
The economy will become a rolling series of tax increases and spending increases. It won't be #1 and #2 anymore, it will just be a yearly or quarterly increase in revenue and spending.

Federal funding of education is a great example. Total dollars and overall percentages increase with no measurable increase in education level, marketable skills, or any other discernible payoff. How about we teach inner city kids to clean toilets and pick fruit and they can have the illegals' jobs. At least the taxpayers get something for their money.
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post #7 of 21 (permalink) Old 07-06-2009, 04:47 PM
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The economy will become a rolling series of tax increases and spending increases. It won't be #1 and #2 anymore, it will just be a yearly or quarterly increase in revenue and spending.

Federal funding of education is a great example. Total dollars and overall percentages increase with no measurable increase in education level, marketable skills, or any other discernible payoff. How about we teach inner city kids to clean toilets and pick fruit and they can have the illegals' jobs. At least the taxpayers get something for their money.
The administration is already being pressured for a 2nd stimulus package from the left...

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post #8 of 21 (permalink) Old 07-06-2009, 05:42 PM
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it does not matter if you are a republican or democrat, you cant read the economy. you can only guess on what to do with it. the jury is still out on the stimulus package, less then 15% of the money has actually been spent, thanks to bureaucratic red tape.

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post #9 of 21 (permalink) Old 07-06-2009, 06:00 PM
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Originally Posted by cannonball996 View Post
it does not matter if you are a republican or democrat, you cant read the economy. you can only guess on what to do with it. the jury is still out on the stimulus package, less then 15% of the money has actually been spent, thanks to bureaucratic red tape.
What to do with it???


I read Hooked On Economics Phonics and that book said to leave it the fuck alone. No guesswork on that shit. The last "stimulus" was so full of pork, it was pathetic. The next one will be just as bad or WORSE, now that these commy bastard liberals know they can get away with whatever they want.

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post #10 of 21 (permalink) Old 07-06-2009, 08:40 PM
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Biden was quick to point out the "inherited" economy....

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post #11 of 21 (permalink) Old 07-06-2009, 09:41 PM
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Biden was quick to point out the "inherited" economy....
I'm confused, I thought he was a member of Congress before being VP. Wasn't the president also a member of Congress. Didn't the Democrats control congress during that time.

Seems to me that we inherited some "bullshit".

One thing is for sure, this is all shaping up beautifully. You'll be able to get a yellow dog elected against Obama at the rate these idiots are going.
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post #12 of 21 (permalink) Old 07-06-2009, 10:07 PM
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Biden was quick to point out the "inherited" economy....
you noticed that too? Still not taking responsibility for any of this.
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post #13 of 21 (permalink) Old 07-07-2009, 06:20 AM
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Wait, we spent billion on inner city kid's education - above and beyond normal? Kids with crappy parents are like pit bulls with crappy owners...they're not going to make it regardless of how much you spend.

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post #14 of 21 (permalink) Old 07-07-2009, 07:58 AM
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What a bunch of fucking clowns....... I sure hope people wake up in 2010.
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post #15 of 21 (permalink) Old 07-07-2009, 10:36 AM
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Quote:
Originally Posted by AL P View Post
I'm confused, I thought he was a member of Congress before being VP. Wasn't the president also a member of Congress. Didn't the Democrats control congress during that time.

Seems to me that we inherited some "bullshit".

One thing is for sure, this is all shaping up beautifully. You'll be able to get a yellow dog elected against Obama at the rate these idiots are going.
I'm not so sure anymore about that anymore, man. I think the machine that the liberals have created, and so perfectly used, during last year's campaign might just keep the son of a bitch in office for another four years.

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post #16 of 21 (permalink) Old 07-07-2009, 07:43 PM
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What a bunch of fucking clowns....... I sure hope people wake up in 2010.
If this nation does not pull it's collective head out of it's ass, starting in 2010, I'm afraid I'm going to overdose on Fuckitol or any other kinda' happy pills I can get my hands on.

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post #17 of 21 (permalink) Old 07-07-2009, 07:47 PM
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If this nation does not pull it's collective head out of it's ass, starting in 2010, I'm afraid I'm going to overdose on Fuckitol or any other kinda' happy pills I can get my hands on.
Make sure you will that cobra to me if that happens
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post #18 of 21 (permalink) Old 07-07-2009, 09:12 PM
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Originally Posted by cannonball996 View Post
it does not matter if you are a republican or democrat, you cant read the economy. you can only guess on what to do with it. the jury is still out on the stimulus package, less then 15% of the money has actually been spent, thanks to bureaucratic red tape.
So you are okay with Bidens version that they misread the economy (his words) or the Messiah saying they did not misread the economy, they just didn't have enough information before they made their decision on how big the stimulus should be?

We are so screwed until '12!

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post #19 of 21 (permalink) Old 07-07-2009, 09:33 PM
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I misread my w2 and didn't file taxes. I expect the same treatment as Timothy Geitner, no punishment and a seat in obama's cabinet .

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #20 of 21 (permalink) Old 07-07-2009, 10:42 PM
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We just said we know what we're talking about to get us into Office. Sorry.
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post #21 of 21 (permalink) Old 07-07-2009, 10:44 PM
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we just said we know what we're talking about to get us into office. Sorry.
qft

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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