posted on Jun, 14 2009 @ 04:47 PM
WASHINGTON -- Vice President Joe Biden said Sunday that "everyone guessed wrong" on the impact of the economic stimulus, but he defended the
administration's spending designed to combat rising joblessness.
Just 10 days before taking office, Obama's top economic advisers released a report predicting unemployment would remain at 8 percent of below through
this year if an economic stimulus plan won congressional approval.
Yet the Bureau of Labor Statistics reports that unemployment in May rose to 9.4 percent.
Biden said the White House is keenly aware of the gap between the rhetoric used to sell fast passage of the legislation and the reality that has 14.5
million people unemployed.
"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," Biden said.
Those projects came from a report co-written by Biden's chief economist, Jared Bernstein. Last week, Bernstein briefed reporters on the stimulus
spending and insisted the report was in line with others' research, but not aligned with reality.
Here's the entire article. . . . .
We have trusted our entire economy to these jokers. Unemployment keeps going up regardless of the "stimulus" money being poured into the
And the best they can come up with is a "my bad", we guessed wrong?