Vice President Joe Biden said the Obama administration didn’t realize how bad the economy was but stands by its stimulus package and thinks the plan will create more jobs as the spending pace picks up.
"The truth is, we and everyone else misread the economy,” Biden told ABC’s This Week.
“The figures we worked off of in January were the consensus figures in most of the blue chip indexes out there. ... No one was talking about that we would be moving towards,’’ he said.
“We're worried about 10.5 percent, it will be 9.5 percent at this point. ... We're much too high."
“We are only 120 days into the recovery package,” Biden said, pointing out that the $787 billion economic stimulus package was set up to spend money over 18 months.
Major programs will take effect in September, including $7.5 billion for broadband Internet service and spending for high-speed rail and the nation’s electrical grid.
Though he denied a second stimulus package is being planned, Biden refused to rule out the possibility one will be proposed.
Billionaire investor and Berkshire Hathaway head Warren Buffett thinks the United States might need a second stimulus package since unemployment is poised to continue rising.
“It looks like we’re going to need more medicine, not less. We’re going to have more unemployment. The recovery really hasn’t got going,” Buffett told Bloomberg.
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