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Monday, June 15, 2009

Joe Biden: "Everybody Guessed Wrong" About Stimulus Package

So that's what government does? Make guesses only to have those guesses turn out wrong?

Many promises were made by those who supported the stimulus/spendulus/porkulus package, promises that those of us who opposed the measure knew could never be kept. Joe Biden finally admitted as much.

From the Associated Press:

Vice President Joe Biden said Sunday that "everyone guessed wrong" on the impact of the economic stimulus, but he defended the administration's spending designed to combat rising joblessness.


"The bottom line is that jobs are being created that would not have been there before," Biden said.

But they are not coming at the pace first estimated.

Just 10 days before taking office, Obama's top economic advisers released a report predicting unemployment would remain at 8 percent of below through this year if an economic stimulus plan won congressional approval.

"Jobs are being created that would not have been there before." What Biden left out (deliberately it would seem) is that more jobs that were there before are not there now. In other words, jobs are being lost faster than the stimulus/spendulus/porkulus package could have possibly created them. Why is this so?

Because government cannot create jobs. Government can destroy jobs through excessive taxation and over-regulation or can tranfer jobs from the private sector into the lower-paying government tent, but government cannot create jobs.

Therein lies the fatal flaw of the stimulus/spendulus/porkulus package; it assumes an untruth to be the truth. And that is why Joe Biden is now admitting that "everybody guessed wrong."

His full quote:

"Everyone guessed wrong at the time the estimate was made about what the state of the economy was at the moment this was passed," Biden said.

Not everyone, just those who supported the measure. Those of us who opposed it knew exactly what the outcome would be.

You can access the complete article on-line here:

Biden Says 'Everyone Guessed Wrong' On Unemployment Numbers
Associated Press via Fox News
June 14, 2009

Time has an even more scathing analysis:

Biden tells "Meet the Press" that "everyone guessed wrong" on the impact of the stimulus, economy was worse off than anyone thought.

Backs away from the estimate that the funds could create or save 3.5 million jobs, instead promises 600,000 by the end of the summer.

You can access that story on-line here:

Stimulus Concession
Mark Halperin
June 14, 2009

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