Joe Biden: “We Didn’t Realize How Badly the Economy Was Doing”
Vice President Joe Biden said recently that the Obama administration had underestimated how badly the U.S. economy was doing when it first took office.
Now, members of government are not optimistic. “I am skeptical regarding the impact of the program to stimulate the economy. I doubt that will produce something good, and if it will have results, I’m n not sure we will see it very soon, “said Republican Senator Mitch McConnell.
After U.S. Vice-President Joe Biden said that the U.S. economy has been wrongly assessed. The unemployment rate is much too big than it should be.
Joe Biden acknowledged that an unemployment rate of 9.5% is too high compared with estimates of 8% which hopes to obtain after revival plan.
The U.S. Vice President tried to remain upbeat. As President Obama, Biden recalled that the 787 billion dollar plan is to be spent in 18 months.
Congress has accepted the proposal of the new administration at the White House, a huge plan economic involving a investment sum of nearly 800 billion dollars, but the plan has received numerous critics even before it is adopted because of the huge deficit which it implies.