Biden The Economic Wizard

Vice President Joe Biden spoke in Iowa today and claimed that Republican presidential candidate Mitt Romney has a history of offering consistently wrong remedies for the US economy.

“Vice President Joe Biden on Wednesday accused Republican White House hopeful Mitt Romney of disregarding the importance of the manufacturing sector as a source of jobs for middle class Americans and said the former Massachusetts governor had offered “consistently wrong” remedies for the U.S. economy.”

That is an amazing accusation coming from a member of Team Obama who promised in early 2009 that we needed a $787 billion stimulus package to keep the unemployment rate below 8%. 

Here was a graph from the Obama’s economic advisor’s original report showing what would happen to Unemployment with and without the Stimulus.

Now here is this same graph with the actual unemployment percentages plotted in red through May 2011.

Here is this same graph with the February 2012 unemployment percentages plotted with a red dot.

As I stated in an earlier post, the failure of the 2009 stimulus to meet its stated objectives proves that the Obama administration is woefully inadequate when dealing with economic matters.

“We saw in early 2009 where the Obama administration also made the fatal mistake of offering solutions before fully understanding the problem. Obama saw the rising unemployment caused by the great recession and decided the answer was a massive stimulus package. Prior to proposing this package, they stated that the stimulus was necessary to keep the unemployment rate below 8.0% but we know that the actual unemployment rate rose to 10% and the actual plot of Unemployment over time followed a trajectory that was worse than the one predicted if we didn’t pass the $787 billion stimulus. There is no arguing that the 2009 stimulus failed its stated goals so the Obama administration was guilty of offering solutions to a problem that they didn’t accurately characterize.”

No one from the Obama administration, and certainly not Biden, can criticize anyone’s ability to grasp economic problems and their proposed solutions to those problems.

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