NYC Letter: Joe On The Job VII

Day 177 of CHOPE

Q: While we've been here, some pretty grim job numbers back at home -- 9.5 percent unemployment in June, the worst numbers in 26 years. How do you explain that? Because when the president and you all were selling the stimulus package, you predicted at the beginning that, to get this package in place, unemployment will peak at about 8 percent. So, either you misread the economy, or the stimulus package is too slow and too small.

The truth is, we and everyone else misread the economy. The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there.

Everyone thought at that stage -- everyone -- the bulk of...

... Well, look, we're much too high. We're at 9 -- what, 9.5 [unemployment] right now?

And so the truth is, there was a misreading of just how bad an economy we inherited. 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.

We misread how bad the economy was, but we are now only about 120 days into the recovery package. 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 to distribute the bulk of money.

Joe "Hi-Q" Biden,
VP, stimulus policeman, and economic punter,
explaining how Team Barry (A) got the economy wrong
but (B) magically got their plan right
even as (C) things continue to worsen
THIS WEEK INTERVIEW
IRAQ July 5, 2009 (ABC News)

Mr. Biden hopes you are this stupid.

BELIEVE IT
Joe Biden Knows Stupid

CHOPE.

Double-talk. Double-double-talk. Everything doubleplusgood.