Biden: We 'Misread the Economy'
If you think this statement helps the Obama Administration, think again. IT DOES NOT.
There is some truth in what Biden is attempting to say. David Axelrod has been out there softly stating we may need another stimulus package, which we just may, but the way Biden states it does not help. Saying we misread the economy is like saying "we did not know exactly what we were doing or attempting to do".
This also goes back to the intitial argument that Paul Krugman had with this administration, simply stating the stimulus package is not big enough. And he was right.
Along with this statement is the erosion of jobs in this country. True, the poll numbers are with Obama and many do not fault him for where we are at, but that will only last so long. I am worried about these numbers, primarily because it hits home to the average American and many who voted for Obama to fix this. The real test will be the patience of Americans in this country. And with unemployment to hit over 10% shortly, the test of patience in this country will be the biggest test of all.
Lastly, a second stimulus package will be a very hard sell. I mean very hard. Right now we are battling for health care in this country, throwing another possible stimulus package in the mix can quickly throw water on the fire that is burning for health care. We don't need this right now.
Biden gave the weak knee Republicans a talking point. The point of, "we don't exactly know what we are doing", talking point. The positive here is that the Republican Party is damaged, fractured and hopefully the public will turn them off when they start talking.
Remember, patience is a virtue. This will be the test for the Obama Administration going forward.
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This Week With Barack Obama