Biden: ‘We misread how bad the economy was’

David Edwards
Raw Story
Monday, July 6, 2009

The Obama administration warned earlier this year that unemployment would climb to 8% if the recovery plan was not passed in Congress. New reports now show a 9.5% unemployment rate 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.

“There was a misreading of just how bad an economy we inherited,” Biden said on ABC’s This Week. “Did the economic package we put in place, including the recovery act, is it the right package, given the circumstances we’re in? 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.

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