Every time Joe Biden opens his mouth, a “village idiot” in Crawford, Texas smiles. Appearing on ABC’s “This Week” yesterday, the vice president admitted that the administration’s initial projection of an eight percent peak unemployment rate as part of the stimulus package passed last March was optimistic. “The truth is, we and everyone else misread the economy”, said Biden.
Who’s “we”? Certainly not the President; after all, it was Obama who used words like “crisis” and “catastrophe” to sell the stimulus package in the first place. Perhaps it wasn’t the diagnosis, but rather the treatment that was misread.
What is more worrisome to me, is that many of these same optimistic forecasts have been used to model Obama’s, erm, ambitious domestic agenda, including universal healthcare.
But wait, it gets better – Biden refused to rule out a second stimulus package. Oy.