Sunday, October 23, 2011

Biden’s Latest Bizarre Excuse On Why Stimulus Didn’t Keep Unemployment Rate Below 8% As Obama Promised: Economists Used Bad Math…

Washingtonexaminer. . .Biden also answered the criticism that he and President Obama have presided over two and a half years of high unemployment figures. “We have brought back jobs. We have brought back or saved over 3 million jobs,” he said, adding that “the fact of the matter is that’s not enough.” Biden defended the current administration’s economic record, saying that “we started with an 8 million job deficit that wasn’t of our making.”
“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.

King Asshat....

Posted over at Weasel Zippers

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