Biden inspires confidence: “Everyone guessed wrong”

Vice President Biden today admitted what most intelligent Americans already knew before the stimulus-palooza: That the White House experts were wrong in their “guesses” and that the government is good at wasting money, not creating jobs.

Fox News reports:

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.

Biden said 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. Instead, the vice president urged skeptics to look at teachers who kept their classroom assignments and police officers who kept their beats because of financial assistance from Washington.

“The bottom line is that jobs are being created that would not have been there before,” Biden said.

But they are not coming at the pace first estimated.

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.

I’d have to call him wrong since a lot of people were warning that the answer to too much debt wasn’t to go even deeper into debt. Instead, it now appears we’d have similar unemployment with the stimulus compared to if we did absolutely nothing at all. Amazing how much hundreds of billions in taxpayer money simply cannot buy.

The punchline in this story is how Biden still contends that we should actually believe the White House and its claims with regard to future job creation and the stimulus money. The same incapable, Keynesian economists who got it wrong for Obama are now claiming that they’re incorrect guesses shouldn’t destroy their credibility. Please, this is becoming a traveling comedy tour of economic follies.

The White House has tapped Biden as its chief spokesman on that economic stimulus plan, sending him across the country to drum up support for a plan that has yet to make the impact it promised. On Thursday and Friday, Biden visited Pennsylvania, Kansas and Michigan to highlight projects the stimulus has funded.

The vice president said losses each month have dropped, although the economy is still losing jobs.

“Can I claim credit that all of that’s due to the recovery package? No. But it clearly has had an impact,” Biden said.

Biden said the estimates were based on standard economic models.

“Everyone guessed wrong at the time the estimate was made about what the state of the economy was at the moment this was passed,” Biden said.

Despite the fact that none of the economic data currently available points to any positive affect from the stimulus package, Biden still claims that it has had a positive affect. Sounds like the typical liberal argument of trying to create facts and figures out of thin air to fit their agenda.

We’re all looking at the same thing and we can all see it. Here we have Biden asking whether we’re going to believe him or our lying eyes? It’s a joke, just like the entire economic policy from this administration which has been a total failure from the beginning. Socialist policies fail. Always have, always will.

However, the bottom line is that Biden is just dead wrong that “everyone” guessed wrong on the stimulus. Many Americans, myself included, were speaking out against President Obama’s stimulus package from the beginning and we’re being vindicated more and more every single day. The Biden tap-dance