Sunday, July 5, 2009
Biden Acknowledges Administration 'Misread' Economy
Vice President Biden says the administration underestimated how bad the economy is. But he stands by the stimulus programs that have been launched to try to get it back on track.
One question that immediately comes to mind is, if the economy is worse than the administration had imagined when the stimulus plans were put into place, do they go far enough?
That's assuming that they will do what they were designed to do in the first place and are not, as former Secretary of State Colin Powell suggests, going to saddle future generations with unimaginable debt.
Biden is urging the nation to be patient. He believes more jobs will be created in the coming months. But if things are worse than were imagined in January when he and President Obama took office, it's clear that an economic recovery will be longer in coming than previously thought.