Biden Admits Obama Administration Clueless on Economy

ON ABC's "This Week," Vice President Joe Biden admitted, "We Misread How Bad the Economy Was."

According to Fox News:

The Obama administration "misread" the depth of the economic troubles it inherited and still expects more new jobs in the long term as the spending pace from the $787 billion stimulus plan quickens, Vice President Joe Biden said.

Republican congressional leaders expressed disappointment about the impact of stimulus spending. "I'm very skeptical that the spending binge that we're on is going to produce much good and, even if it does, anytime soon," Senate Republican leader Mitch McConnell of Kentucky said in a statement Sunday.

"I think the economy is just as likely to begin to recover on its own, wholly aside from this, before much of this has an impact."

Biden, in an interview that aired on ABC's "This Week," said the 9.5 percent unemployment rate is "much too high." The administration had predicted unemployment would stay below 8 percent with its stimulus plan.