Biden: ‘We misread how bad the economy was’

By David Edwards
Sunday, July 5, 2009 11:11 EDT
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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.

Download video via RawReplay.com

David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
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