Quotes from Joe Biden on Meet the Press yesterday, via Time:
"No one realized how bad the economy was. The projections, in fact, turned out to be worse. But we took the mainstream model as to what we thought -- and everyone else thought -- the unemployment rate would be."
"Everyone guessed wrong at the time the estimate was made about what the state of the economy was at the moment this was passed."
"The bottom line is that jobs are being created that would not have been there before."
"Can I claim credit that all of that's due to the recovery package? No. But it clearly has had an impact."
So Biden admits: "We goofed." And: "No, we didn't create or even save all those jobs we claimed."
But how can it be that "no one realized how bad the economy was?" How can that be?
All during the campaign Biden and Obama said we were in a depression -- not a recession; a depression! They said the economy was far worse than people thought. They said it was bad, bad, bad.
Now they say they did't know; didn't "realize."
Interesting.
1 comment:
It's amazing to me. He also brought up that teacher and police jobs were saved. I think though the "saved" teacher and police officer jobs point is a smoke screen too. That's like saying we kept the brain dead patient alive for another 40 days. All that FED money for keeping those jobs runs out. And then the jobs are gone just as much as they were had the "stimulus money" not been handed out earlier.
I think what we need to do is protect our wallets at this point. I've been following the gold and silver markets with the widget ExactPrice and it looks to me like a lot of people have been hedging wealth in those commodities and even in the companies that mine. And with that trillions of paper money this country is printing at lightning speed I think is going to choke the economy with inflation.
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