Sunday, July 5, 2009

Biden Acknowledges Administration 'Misread' Economy

Oh boy.

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.

1 comment:

Anonymous said...

I think time will tell. It took a long time for the economy to get this out of balance -- we cannot expect that in six months all will be well.

Aspects of the economy that served to shove all out of balance are still weighing heavily against a recovery. High health care costs, high property taxes and property insurance in the states hit hardest by foreclosures, unstable prices at the pump, summer rates for electricity -- all of these are still pulling much needed cash from working class pockets. The banks are still not lending for mortgages as they could and some sectors of the financial world are having banner years -- again, working against a wide spread recovery.

I believe that getting health care reform is key to an economic recovery. Also, finding alternative energy sources. In a state like Florida, where I live, there is no excuse. We have abundant sunlight for solar power, 1200 miles of coastline to faciliate geo-thermal production, and possibilities for biofuel production from sugar cane and other plants. We could be the cheapest place in the nation to live, which would compensate for the lack of primary jobs that provide a living wage.

We are on the precipice of change, but we cannot bang the drum that they have done too little. We need to let the programs start up and then assess their worth. We need significant change, of which little has been realized. That doesn't mean that it cannot happen or will not happen -- time and patience are required!