Biden admits Stimulous was a failure

[Xenophon]

It seems this bullshitting about the stimulous fraud is coming to a head, biden now admits it didn't stimulate anything, that it won't create 3.5 million jobs...

Kiss that majority goodbye, hubris always catches up with you...

Stimulus Concession - The Page by Mark Halperin – TIME.com

 

[WillowTree]

"everyone guessed wrong"

and people still want these yokels to craft and legislate their health care!

 

[RodISHI]

Duh, like they did not know this as they frittered away those billions of dollars.

 

[WillowTree]

The bottom line is that jobs are being created that would not have been there before."

"Can I claim credit that all of that's due to the recovery package? No. But it clearly has had an impact."

He's leaving out all the thousands and thousands of jobs that will be lost when they get through screwing over the car dealers!

 

[Care4all]

Key Quotes from Biden on the StimulusFrom NBC's "Meet the Press":

"No one realized how bad the economy was. The projections, in fact, turned out to be worse. But we took the mainstream model as to what we thought -- and everyone else thought -- the unemployment rate would be."

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

"The bottom line is that jobs are being created that would not have been there before."

"Can I claim credit that all of that's due to the recovery package? No. But it clearly has had an impact."

i think he was being brutally honest.

Any other politician(like Obama as example or his press secretary) would have glossed it over with sugar much more so imo....

care

 

[Kevin_Kennedy]

Apparently Biden hasn't learned anything about economics if he still says the stimulus is going to "save or create" any amount of jobs, because any job "saved or created" by the stimulus package is going to come at the expense of some other job.

 

[elvis]

It seems this bullshitting about the stimulous fraud is coming to a head, biden now admits it didn't stimulate anything, that it won't create 3.5 million jobs...

Kiss that majority goodbye, hubris always catches up with you...

Stimulus*Concession - The Page by Mark Halperin – TIME.com

Any chance Biden is off the ticket in 2012?

 

[Care4all]

Apparently Biden hasn't learned anything about economics if he still says the stimulus is going to "save or create" any amount of jobs, because any job "saved or created" by the stimulus package is going to come at the expense of some other job.

How so? The Stimulus money put in to the economy was money borrowed from foreigners, so what exactly did you mean Kevin by it coming at the expense of some other job? I don't understand?

Care

 

[Valerie]

It seems this bullshitting about the stimulous fraud is coming to a head, biden now admits it didn't stimulate anything, that it won't create 3.5 million jobs...

Kiss that majority goodbye, hubris always catches up with you...

Stimulus*Concession - The Page by Mark Halperin – TIME.com

Any chance Biden is off the ticket in 2012?

Probably not?

For Obama it was a smart choice to hedge against the threats on his life.

 

[Kevin_Kennedy]

Apparently Biden hasn't learned anything about economics if he still says the stimulus is going to "save or create" any amount of jobs, because any job "saved or created" by the stimulus package is going to come at the expense of some other job.

How so? The Stimulus money put in to the economy was money borrowed from foreigners, so what exactly did you mean Kevin by it coming at the expense of some other job? I don't understand?

Care

Well borrowing represents future taxation, and since there is interest on money borrowed it's actually going to cost more for the taxpayers when it is finally taxed. So any money taken out of the private sector through taxation means that the private sector has less money to spend. This means that you're able to see where the stimulus money is going, in public works projects and whatever other nonsense was in the stimulus. But you don't see where the money would have gone had it not been taxed away from the private sector by the government. This means that there is a group that is hurt by the stimulus as large, and probably larger in the end, than the group that benefits from the stimulus package.

 

[Xenophon]

Any chance Biden is off the ticket in 2012?

The way it's going, it would not surprise me if Hillary challenged BO again in 2012.

 

[elvis]

Any chance Biden is off the ticket in 2012?

The way it's going, it would not surprise me if Hillary challenged BO again in 2012.

That would be something. I would enjoy that.

 

[Metternich]

Come on guys, it's Biden. He says stupid shit all the time... Personally, I'm worried that I agree with him more then I'm worried about the merits of his opinion. Mostly because he's a flaming idiot.

 

[jillian]

Apparently Biden hasn't learned anything about economics if he still says the stimulus is going to "save or create" any amount of jobs, because any job "saved or created" by the stimulus package is going to come at the expense of some other job.

How so? The Stimulus money put in to the economy was money borrowed from foreigners, so what exactly did you mean Kevin by it coming at the expense of some other job? I don't understand?

Care

because kevin has this misguided idea that if you just parrot the austrian school of economics, that you are an expert.

 

[Kevin_Kennedy]

Apparently Biden hasn't learned anything about economics if he still says the stimulus is going to "save or create" any amount of jobs, because any job "saved or created" by the stimulus package is going to come at the expense of some other job.

How so? The Stimulus money put in to the economy was money borrowed from foreigners, so what exactly did you mean Kevin by it coming at the expense of some other job? I don't understand?

Care

because kevin has this misguided idea that if you just parrot the austrian school of economics, that you are an expert.

I don't claim to be an expert on anything, it's you who keep claiming that I think I'm an expert on any subject I offer an opinion on. At any rate, yes I am a follower of the Austrian school of economics so my opinion is clearly going to reflect that. However, since the Austrian school has been consistently correct in their analysis of our current economic downturn I'd say their views should hold more water than those who have been consistently wrong.

 

[Tech_Esq]

Apparently Biden hasn't learned anything about economics if he still says the stimulus is going to "save or create" any amount of jobs, because any job "saved or created" by the stimulus package is going to come at the expense of some other job.

How so? The Stimulus money put in to the economy was money borrowed from foreigners, so what exactly did you mean Kevin by it coming at the expense of some other job? I don't understand?

Care

Actually, since Americans have reduced their spending and increased their savings rate since the recession hit, it's being financed more and more by Americans. Does that change your analysis?

 

[toomuchtime_]

Apparently Biden hasn't learned anything about economics if he still says the stimulus is going to "save or create" any amount of jobs, because any job "saved or created" by the stimulus package is going to come at the expense of some other job.

How so? The Stimulus money put in to the economy was money borrowed from foreigners, so what exactly did you mean Kevin by it coming at the expense of some other job? I don't understand?

Care

Actually, since Americans have reduced their spending and increased their savings rate since the recession hit, it's being financed more and more by Americans. Does that change your analysis?

In fact, Kevin's point is more valid if the debt is being financed by foreigners. In that case, interest service on the debt becomes a net transfer of wealth out of our economy. If Americans are financing the debt, interest service on it becomes a redistribution of wealth within our economy.

 

[Bfgrn]

It seems this bullshitting about the stimulous fraud is coming to a head, biden now admits it didn't stimulate anything, that it won't create 3.5 million jobs...

Kiss that majority goodbye, hubris always catches up with you...

Stimulus*Concession - The Page by Mark Halperin – TIME.com

I thought Halperin had half a brain...I overestimated...

I watched the whole interview...taking sentences out of context like this distorts what Biden said...

The headline SHOULD read...Unemployment rate estimate concession

 

[Navy1960]

The White House on Tuesday provided more details on how the American Recovery and Reinvestment Act will save or create 3.5 million jobs as part of the recently enacted $789 billion stimulus package.

The White House, which broke down the details, said 75,000 jobs will be created in Washington state, and broke those numbers down on a congressional district level.

Economic recovery estimates were done by Christina Romer, chair of the Council of Economic Advisers, and Jared Bernstein, chief economist for Vice President Joe Biden.
White House says stimulus will create 75K Washington jobs - Puget Sound Business Journal (Seattle):

I think it's pretty telling what they were saying in Feb. as opposed to now. The facts are you cannot spend your way to economic recovery.

The Bush administration sent some of its most powerful figures to Capitol Hill yesterday to rally support for a $700 billion plan to revive the U.S. financial system, but they encountered stiff resistance from lawmakers who are deeply skeptical of the proposal and angered by the administration's push for its speedy approval.
Bailout Proposal Meets Bipartisan Outrage - washingtonpost.com

Sound familier? Same thing different wrapping, both of these schemes and make no doubt they are schemes and nothing more, were not meant to save or rescue or create a thing. Again, it seems to me had people wanted real change in Wahsington, they would not have voted for the same people who keep voting for this crap year after year no matter what party they happen to belong too.

 

[Sarah G]

He didn't say the stimulous was a failure. He did a good job on MTP, Gregory was quite tough on him and he held up very well. He looked like the old Senator Biden.

Any speculation that he will not be on the ticket in 2012 is just that, speculation.