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July 14th, 2009
10:31 AM ET

Stimulus is too low, too slow

In a recent interview, Vice President Joseph Biden said that the administration 'misread how bad the economy was.'

In a recent interview, Vice President Joseph Biden said that the administration 'misread how bad the economy was.'

Julian E. Zelizer
Special to CNN

Vice President Joseph Biden has acknowledged that the $787 billion economic stimulus program has not yet had the impact that the White House was looking for.

"We misread how bad the economy was," Biden said during an interview.

But Biden's account downplays the damaging compromises that the administration made on the stimulus package back in February, as well as the problems that have emerged in implementing the program.

Back in January and February, when the administration and Congress completed their work on the economic stimulus bill, several Democrats and liberal pundits warned that President Barack Obama's stimulus was not going to be enough to revitalize the economy.

While Republicans argued that Congress should do nothing other than cut taxes, Obama's Democratic critics said that another bad scenario was to pass an expensive and highly visible measure that would not actually accomplish the job.

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Filed under: 360° Radar • Vice President
soundoff (2 Responses)
  1. Joe G. (Illinois)

    If it’s free money and we are not gonna pay it back, why not give out more? Let’s face it.. There is no more manufacturing or wheels grinding in America anymore.. Asking the Chinese for money is one of our only few Trillion Dollar viable industry left..! Plus if Biden wasn’t out here politicking for money, pretty good chances are that we would never see him. Obama would surely always keep him looked up inside and away from all the windows…!

    July 14, 2009 at 2:08 pm |
  2. RLWellman

    Obviously Julian you don't remember it quite correctly. The Democrats gave the Republicans 12 hours to read the 600 page plus stimulis bill. The Republcans tried to make some changes to the bill, but the Democrats said, "Here it is, sign it or leave it alone".

    Since only 44 billion dollars of the 787 billion dollar stimulis has been spent so far, it doesn't seem like they are in a hurry to fix anything. However, they are ready to draft another stimulis bill.

    Just think, we are a trillion dollars in dept and the Government wants nationalized health care which will cost another trillion dollars. They want to add another stimulis bill 700-900 billion dollars, just where is this money coming from?

    Why is it, you, me and the rest of small town America are losing are savings, houses, jobs, retirements, and cutting back on our spending, but the Government keeps on spending and growing? When you are broke, do you just keep on writing checks?

    If you are a small business, do you keep hiring people when you aren't making money? Does this make any sense? If you can't do this when you are broke, why is it okay for the Government to do so?

    July 14, 2009 at 1:11 pm |