“Nobody can look you in the eye and tell you that the Recovery Act and that stimulus did not create jobs and did not do very good things for the economy,” Biden said. He blamed the failure of the stimulus to keep unemployment below 8 percent, as Obama promised, on poor calculations by economists:
“The problem was, in the beginning, the economists said that in fact we wouldn’t go above 8 percent [unemployment] because they didn’t know until this last quarter that the economy shrunk, in the last term of the Bush administration, almost 9 percent. Everybody thought it was more like 5.5 percent. And so, the point was, we were all operating off of what the blue chips were looking at and the numbers were wrong. But the fact is, if we hadn’t had that stimulus, we would be in a position now where we would be in a double-dip recession some time ago.
Posted over at Weasel Zippers