The Obama administration warned that unemployment would climb to 8% if the recovery plan was not passed in Congress. New reports show 9.5% unemployment in June. ABC’s George Stephanopoulos asked Vice President Joe Biden to explain why the Obama administration prediction was wrong. “The truth is, we and everyone else misread the economy,” confessed Biden
“The truth is, there was a misreading of just how bad an economy we inherited,” he said. “Did the economic package we put in place, including the recovery act, is it the right package, given the circumstances we’re in? And we believe it is the right package, given the circumstances we’re in.”
This video is from ABC’s This Week, broadcast July 5, 2009.