Biden Blabs Stimulus Plan Failures. Bet Obama LOVED that!

From the mouths of boobs.

According to an AP article yesterday, Joe Biden admits to the failure of Obama’s Stimulus Package, saying:

“everyone guessed wrong” on the impact of the economic stimulus, but he defended the administration’s spending designed to combat rising joblessness.

He went on to add that inaccuracies in unemployment predictions shouldn’t undercut the White House‘s support of the $787 billion economic revival plan that has not met the expectations of  President Obama’s team.

Evidently, they used a flawed model to gather their initial estimations of unemployment, job creation and the economy.  (see Augustine 25’s article for a good visualization of the errors of their ways: ) 

Sheesh!  That is what we’ve been trying to say since before the stimulus package was passed!  Any idiot with any economic experience knew what would happen; but Obama and his crew of advisers know what is best for us, don’t they?

Now, Biden’s economic advisor is admitting that their projections were based on flawed research.  And Biden is admitting that this flawed data was used to fasttrack passage of this massive economic travesty. 

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. The administration had predicted that the stimulus bill would create or save as many as 3.5 million jobs.

“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.

I love that Biden has been appointed as the White House Chief Spokesman on the economic stimulus plan.  Since one never ever knows exactly what will come popping out of Biden’s mouth, it is barely possible that we might even get a glimpse of an accidental and inconvenient truth!

For the entire article:;_ylt=Aht9n86REIkHI4p.qNbfRteyFz4D;_ylu=X3oDMTJpZXFjbDNnBGFzc2V0A2FwLzIwMDkwNjE0L3VzX2JpZGVuX3N0aW11bHVzBGNwb3MDMwRwb3MDNwRzZWMDeW5fdG9wX3N0b3J5BHNsawNiaWRlbnNheXNldmU

Add to Technorati Favorites


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: