Biden: ‘We Misread How Bad the Economy Was’

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Yesterday on ABC's This Week, vice-president Joe Biden told George Stephanopoulos that back in January, when the administration was deciding on the economic plan, they underestimated the severity of the current recession. "No one" was talking about 10 percent unemployment, he said. "The truth is, there was a misreading of just how bad an economy we inherited," he said. Really? That's weird. Because what we were hearing back in January was that we were on the cusp of the next Great Depression and possibly the end of the world. Biden went on to describe the economic plan like it was a wrong-size pair of pants that with a little hemming might turn out to fit okay anyway: "Is it the right package given the circumstances we're in? And we believe it is the right package for the situation it is. We misread how bad the economy was, but no one anticipated that."