Hope and Fail

‘The truth is we … misread the economy’

Vice President Joe Biden this morning said the Obama administration "misread" how bad the economy had actually become — tell that to the nearly 10 percent of Americans who are unemployed.

Veep Joe Biden can’t even keep from committing domestic policy gaffes when he’s half away around the world.

He told ABC News’ George Stephanopolous that the administration “misread” the economic numbers earlier this year, back when it was pushing through the massive stimulus package in order to save all of our jobs.

Faced, now, with worse unemployment numbers than President Obama predicted without the stimulus package, who’s here to explain it all? Why, the vice president!

From Stephanopolous:

“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.

One has to recall all of the rhetoric from Obama & Co. about just how bad the U.S. economy — remember, this was the “worst economic crisis since the Great Depression.”

With such exaggerations, how can they now claim to have “misread” the economic numbers when their “recovery” plans haven’t made a dent?

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