Joe Biden, ever willing to play the role of administration fool, told Meet The Press, "No one realized how bad the economy was. Everyone guessed wrong. The bottom line is that jobs are being created that would not have been there before."
Mr Biden is dangerously close to being a special needs vice-president.
Let's takes these one at a time.
1) "No one realized how bad the economy was."
Yes, they did. Everybody knew how bad it was.
People were defaulting on mortgages they should never have been given, investments banks were failing, and nobody was buying cars.
It was in all the papers.
It wasn't a secret, and it wasn't complicated.
2) "Everyone guessed wrong."
Guessed?! Why would anyone have to guess. And what would they be guessing about.
The Fed was keeping the interest aritificially low, Fannie Mae and Freddie were buying history's worst mortgages, and Americans were consuming when they should have been saving and investing.
There's no guessing involved.
3) "The bottom line is that jobs are being created that would not have been there before."
I guess that explains why the unemployment rate keeps increasing each month.
And anyway, taking tax dollars to pay a guy to dig a hole then refill it the next is not a job.
Wealth, and jobs right along with it, are being destroyed.
Separate But Equal Is Best Scenario
4 years ago