http://blogs.abcnews.com/george/2009/07 … nomy-.htmlBig admission from Vice President Joe Biden today.
"The truth is, we and everyone else misread the economy," Biden told me during our exclusive "This Week" interview in Iraq.
Biden acknowledged administration officials were too optimistic earlier this year when they predicted the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has ballooned to 9.5 percent in June -- the worst in 26 years.
I pressed the vice president, who is also leading the administration's middle-class task force, on whether he'd rule out a second stimulus package.
"So, no second stimulus?" I asked.
"No, I didn't say that," Biden said, "I think it's premature to make that judgment. This was set up to spend out over 18 months. There are going to be major programs that are going to take effect in September, $7.5 billion for broadband, new money for high-speed rail, the implementation of the grid -- the new electric grid. And so this is just starting, the pace of the ball is now going to increase."
Video in the link.
Faster spending and maybe a second stimulus for even more spending.