Monday, July 6, 2009

Who could have foreseen?

Who could have foreseen that by failing to understand the depth and breadth of the financial crisis and that by creating a stimulus bill that loaded up on tax cuts that wouldn't help, hacking out programs that did, and keeping the size of it much too small would have negative effects towards the recovery? I mean other than all those asshole economists with their fancy medallions. Why couldn't anyone have spoken up and told us!!!
Biden, in an interview that aired on ABC's "This Week," said the 9.5 percent unemployment rate is "much too high." The administration had predicted unemployment would stay below 8 percent with its stimulus plan.

"The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there," Biden said. "We misread how bad the economy was, but we are now only about 120 days into the recovery package."
Now ignore the fact that Biden, as is his style, is kind of completely jumping the gun here, as most of the stimulus hasn't even been spent. Still, where we are right now was pretty much where everyone with an economics degree thought we'd be right now, given the kind of stimulus that got passed. There are no surprises here, Joe.

Perhaps if you are unhappy with the 'as predicted' results that's something you should talk over with your Administration and your esteemed colleagues in the Senate. You know, the Administration that moronically started with a compromise bill and then found itself surprised when it had to compromise on that? You know, the Senators who ignored economists so they could pick numbers out of a hat and cut programs based on what they thought sounded expensive to Nebraskans? Sorry you've been surprised by all of this, but to those of us who actually read something during the whole debate, its not that much of a shocker. Good luck trying to get a second stimulus through. I'm sure you'll be surprised at how that turns out too.

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