Patterico's Pontifications

6/14/2009

Biden: “Everyone Guessed Wrong”

Filed under: Economics,Obama — DRJ @ 6:04 pm



[Guest post by DRJ]

Today on Meet The Press, Vice President Joe Biden answered questions on the Stimulus:

“MR. GREGORY: But the point of the stimulus was it would stop the unemployment picture from getting worse, right? Wasn’t that the claim?

VICE PRES. BIDEN: And it has.

MR. GREGORY: It has? Well, here…

VICE PRES. BIDEN: It’s not getting worse.

MR. GREGORY: But here’s the reality, and that is…

VICE PRES. BIDEN: Relative.

MR. GREGORY: …that when this report was issued by your economic adviser…

VICE PRES. BIDEN: Yes.

MR. GREGORY: …and Dr. Romer from the White House, the assertion was that you could keep unemployment at 8 percent and then it would go down after that. In fact, it’s now at 9.4 percent. Was it oversold?

VICE PRES. BIDEN: No, look. No. What we did is we took the econometric models that were used by businesses as well as academics. At the time no one realized how bad the economy was. The projections, in fact, turned out to be worse. But it was–we, we, we took the mainstream model as to what we thought and everyone else thought the unemployment rate would be. But the fact of the matter is the–I don’t think anyone can dispute the unemployment rate would be considerably higher, but for–at least 150,000 jobs higher, but for this economic stimulus package.

MR. GREGORY: Right. But the, but this package was sold on the premise that it would in fact keep unemployment at 8 percent. It’s exceeded that…

VICE PRES. BIDEN: No, no, no, no, no, no, no.

MR. GREGORY: …with the recovery plan.

VICE PRES. BIDEN: It wasn’t sold on that. It was sold on it would create…

MR. GREGORY: That’s what the report said, Mr. Vice President.

VICE PRES. BIDEN: …or–no, it said it would–what would happen was it would save or create jobs. It’s doing that. It is doing that. Everyone guessed wrong, at the time the estimate was made, about what the state of the economy was at the moment this was passed. Now, we’re going to recalibrate this in terms of what we’ve inherited, what in fact is going on out there. But look, the bottom line is that jobs are being created that would not have been there before. All you’ve got to do is go into New York City. There’s 14,000 teachers working who got their, got their notices. Go with me up to New Flyer bus company up in Minnesota, come–I mean, there–it’s–throughout the country, it’s creating jobs.

MR. GREGORY: Regardless, though, the economy is worse off with or without this stimulus plan that this administration expected.

VICE PRES. BIDEN: The economy was worse off when we made the assessment than anyone thought it was. The economy is actually getting better, things are getting better. We have a long, long way to go. But now you see what’s happening. We’re having a, a situation where housing is starting to improve, where lending is starting to come forward, where we have a situation where we’ve gained some control of the automobile companies who otherwise would have had to been liquidated in terms of them staying in business and having a prospect of growing. So I think if you ask out there, look–and look at what the, you know, these measures of confidence in the economy are. Everyone feels mildly better about where the economy’s going.

Everyone feels “mildly better”? That’s lowering the bar.

— DRJ

PS – Biden won’t rule out running for President.

54 Responses to “Biden: “Everyone Guessed Wrong””

  1. I don’t think anyone can dispute the unemployment rate would be considerably higher, but for–at least 150,000 jobs higher, but for this economic stimulus package.

    I’ll dispute it. Biden and the administration are just flat out making this stuff up. There is not a shred of real evidence that they’ve done anything to “save” a single job much less one hundred and fifty thousand.

    Complete fabrication.

    SPQR (26be8b)

  2. Wow. It’s a great thing that we don’t have a trampy stupid snowbilly that can’t handle the press as VP, huh?

    Eric Blair (57b266)

  3. …and they make it up and they believe it, because as Biden says, reality… is relative.

    Stunning. Just stunning.

    Dana (aedf1d)

  4. SPQR—they have to say that, or they would have to admit that they don’t know what they are talking about.

    But remember: Nobel Prize winners support all this! Or do they….

    Eric Blair (57b266)

  5. Wow, Stupid AND Evil, in the #2 and #1 slot respectively. And here I thought the parties traded back and forth.

    Soronel Haetir (a3f11b)

  6. Hey, Dana. Do you suppose Biden sounds so foolish because he knows he’ll get caught if plagiarizes anyone again?

    Eric Blair (57b266)

  7. Even if you accept the “created or saved 150,000 jobs” than number pales in comparison to the millions unemployed, and the hundreds of thousands that join them every week.

    What is the most remarkable about this is twofold – 1) that they would allow this clown in front of a microphone, and 2) how they simply try to rewrite recent history right in front of your eyes.

    JD (d3f3ab)

  8. “MR. GREGORY: Regardless, though, the economy is worse off with or without this stimulus plan that this administration expected.”

    There’s apparently people out there that find this to be an argument against the stimulus. We’ve been on a bubble for a while. The correction is going to hurt.

    imdw (c5488f)

  9. Mildly better.

    Hm. In other news, Charles Manson declared less crazy than Kim Jung Il.

    I’ll stick up for Biden on one issue, though. I don’t think it’s ever a good idea for our political leaders to broadcast gloom and doom about the economy, which was what the DNC and the media attempted when Bush was President and unemployment was only 4.5%

    Apogee (e2dc9b)

  10. Soronel Haetir, I hope that everyone gets your reference. I miss Alan Simpson in the Senate.

    Eric Blair (57b266)

  11. Reality is Relative, JD!

    In Joe’s World, he can make it be whatever he wants or needs.

    Dana (aedf1d)

  12. imdw – It is a fact that we are in worse shape with the “stimulus” than The One told us we would be without it.

    JD (d3f3ab)

  13. I think that they have created or saved an alternate reality, JD.

    Eric Blair (57b266)

  14. Technically, based on their BS metric, they have saved every job for everyone employed. That is how vapid and meaningless this BS immeasurable metric is.

    JD (d3f3ab)

  15. Now that we know the Administration is just guessing about the economy, maybe that means there’s a 50-50 chance some guesses will be correct.

    DRJ (180b67)

  16. Good catch, DRJ. The idea that we based almost $1,000,000,000,000 “stimulus” on a guess should concern everyone.

    JD (d3f3ab)

  17. DRJ, you would think so, but there is no evidence that their guesses are as good as random chance would be.

    Biden continues to demonstrate that he is the dumbest vice president in American history.

    SPQR (26be8b)

  18. “Guessing”???

    We spend $787 billion plus based on “guesses”?

    I know that’s not what really happened, but for the VPOTUS to put it that way……………..

    Techie (482700)

  19. Ahd what did Biden say when Gregory asked “The Republicans said that the stimulus wouldn’t work, and would make things worse. Were they wrong?”

    Oh, wait, he never asked that.

    Kevin Murphy (0b2493)

  20. Kevin – Frankly, aren’t you shocked that Gregory even asked about this?

    JD (d3f3ab)

  21. Well, now it is looking like stimulus money was the reason that Obama brazenly fired an Inspector General recently.

    John at Powerline also points out that in doing so, Obama violated a law he himself sponsored.

    I assume no one is surprised.

    SPQR (26be8b)

  22. I hope Joe does run for Prez again…
    Just think how bad his choice for Veep will be?

    And the hits keep rolling on.

    AD - RtR/OS! (914de9)

  23. Comment by Techie — 6/14/2009 @ 7:19 pm

    What proof is there that it hasn’t all been guessing and suppositions?

    AD - RtR/OS! (914de9)

  24. SPQR, your link is to a different post.

    I believe the proper link to Powerline is this one.

    Paul (creator of "Staunch Brayer") (bcc87c)

  25. Boy, I’m sure glad to know “nobody messes with Joe.” Otherwise, I would have sworn this interview reflected poorly on him.

    Calvin (7da785)

  26. It’s refreshing to see a politician admit a mistake.

    poon (093c46)

  27. That is a lie, and you are a liar. The closest he came to admitting a mistake was claiming that Bush made things worse than they could have ever thought. Hardly admitting a mistake. Kind of like Letterman’s “apology”.

    JD (d3f3ab)

  28. Everyone guessed wrong, at the time the estimate was made, about what the state of the economy was at the moment this was passed.

    Looks like and admission of a mistake to me. JD.

    That’s the first step to learning.

    poon (093c46)

  29. No, claiming that Bush left things worse than they thought is not any type of admission of mistake. It is both fundamentally dishonest and is a form of passing the blame onto another. Again, you lie.

    JD (d3f3ab)

  30. “..It’s refreshing to see a politician admit a mistake…”

    Irony abounds at Patterico’s.

    Eric Blair (5a226d)

  31. There’s apparently people out there that find this to be an argument against the stimulus. We’ve been on a bubble for a while. The correction is going to hurt.

    Comment by imdw — 6/14/2009 @ 6:23 pm

    Yes, and the inflation that follows this spending is going to hurt even more.

    Mike K (2cf494)

  32. If the vice president’s job is to make the president look good, Biden is succeeding. Compared to him, Obama’s an Einstein.

    Brother Bradley J. Fikes, C.O.R. (0ea407)

  33. Hah! Yeah, unemployment is now double what it was under Bush and the media were freaking out!

    Look out, Uncle Joe, the media are sharks and they smell blood in the water.

    Patricia (2183bb)

  34. Saying “I guessed wrong” or “we guessed wrong” might be admitting to a mistake.

    But “everyone”? That just spreads the blame out onto everyone and thus no one.

    SteveG (c99c5c)

  35. unemployment is now double what it was under Bush

    Unemployment was at 7.6% when Bush left office, it’s 9.4% now.

    http://stats.bls.gov/eag/eag.us.htm

    poon (093c46)

  36. What’s the misery index these days?

    Techie (482700)

  37. Biden won’t rule out running for President. I think his vote count from his own party when he ran during the Democratic primaries last year pretty much has already. Obama is pragmatic enough to consider jettisoning him afer 4 years on the job anyway. Personally, I don’t expect him on the ticket in 2012 with Obama.

    DCSCA (9d1bb3)

  38. DCSCA – I don’t expect Obama on the ticket in 2012 even if he manages to hang on until then. Even the Democrats are not dumb enough to run this empty, teleprompter reading suit a second time.

    Have Blue (854a6e)

  39. “But now you see what’s happening.”

    Yup. Biden’s babbling like an idiot as per usual.

    Anyone can see that.

    “VICE PRES. BIDEN: It’s not getting worse.”

    Pssst. Joe, if the unemployment rate is rising…that’s bad.

    Dave Surls (e38a04)

  40. I didn’t guess wrong; I voted for John McCain!

    The problem is that 54% of the voters guessed wrong.

    The truthful Dana (3e4784)

  41. Oh, the irony.

    As Mr. Biden says: “…we took the mainstream model as to what we thought and everyone else thought…” — and they were wrong.

    But when George W. Bush “took the mainstream model” on what everyone thought about Iraq having weapons of mass destruction that turned out to be wrong, why, “BUSH LIED!”.

    In politics, everything eventually catches up with you. Perhaps this administration is starting to hear the footsteps.

    navyvet (c45bb5)

  42. “imdw – It is a fact that we are in worse shape with the “stimulus” than The One told us we would be without it.”

    Yes indeed. That is a fact that we are worst off than the predictions. I think we may be worst off than the stress tests predicted even.

    Like I said, this is some pain we’re heading in. We may have gotten some of the credit markets under control, but the rest of economy will continue to suffer. Do you remember the predictions of when stimulus money would flow?

    imdw (e6c812)

  43. If you were suggesting that it was some kind of long term spending program, then “stimumus” certainly is not the right word.

    JD (b3f947)

  44. Are “stimumus” what the exotic dancers wear in Hawaii?

    Brother Bradley J. Fikes, C.O.R. (0ea407)

  45. Lol, Brother Bradley C.O.R.

    JD (61265f)

  46. One point for Brother Fikes! But why would they need exotic dancers in a place where the girls are in bikinis all day anyway?

    Perhaps someone needs to do a serious research project to determine wheter there are fewer topless bars in towns near a nude beach.

    The laughing Dana (3e4784)

  47. Have you ever been to a nude beach? The people that are willing to go nude are generally the ones that you would least want to do so. Think eye bleach.

    JD (61265f)

  48. Comment by JD — 6/15/2009 @ 7:30 am

    Nude beach nothing. I was the one taking my daughter to swimming pools and waterparks last summer (we have yet to have a warm enough day this year) and man … the cellulite, the varicose veins, the potbellies. The lady I liked best was one who wore one of those one-piece wetsuit-looking kind of outfits that zip all the way to the neck and reach to the knee and half-way down the arm.

    nk (19d332)

  49. imdw, I remember the promises Obama made about how quickly the stimulus money would be spent.

    Evidently you are suppressing that memory.

    SPQR (72771e)

  50. Sorry, Joe, you aren’t allowed to make mistakes on this level. By arriving at an incorrect conclusion, you are lying liar who lies. by the new rules.

    OBAMA LIED, EMPLOYMENT DIED!!!111!! HE PLAYED ON OUR FEARS!!11!!!

    Techie (482700)

  51. “imdw, I remember the promises Obama made about how quickly the stimulus money would be spent.”

    So when’s it coming? I remember complaints that it wasn’t soon enough.

    But I think we’re going to have to revise downward our estimates again, at least regionally. Unless they were planning for demand shocks like california is about to deliver: layoffs, cuts to welfare. That’s gonna be a wallop.

    imdw (d54c8c)

  52. “The economy was worse off when we made the assessment than anyone thought it was.”

    “unemployment is now double what it was under Bush.”

    “Unemployment was at 7.6% when Bush left office, it’s 9.4% now.”

    We had unemployment rate of 4.6% under Bush so technically his statement is correct. Contextually it is correct too, since his point was about media bais and we are hearing less ‘woe is me’ economy stories now, in the depths of a severe recession, than we heard during boom times of 2004-2006.

    The point remains, as per #50:
    OBAMA LIED, JOBS DIED.

    The Travis Monitor (cfa2f1)

  53. I’ll stick up for Biden on one issue, though. I don’t think it’s ever a good idea for our political leaders to broadcast gloom and doom about the economy

    You mean like Obama did from December to march, in order so as not to ‘waste a crisis’ and get his trillion dollar pork bill passed?

    The Travis Monitor (cfa2f1)

  54. “imdw, I remember the promises Obama made about how quickly the stimulus money would be spent.”

    So how much did you expect spent by now?

    imdw (5f867f)


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