Biden Says Obama White House Blew It.

Gaffe master VP Biden’s admission that the Obama White House seriously misjudged the scope of the economic downturn. In February Obama demanded instant approval of his $787 billion economic stimulus package that would keep unemployment below 8% nationally. Without even reading the massive spending plan Congress scampered to pass it. Obama put Biden in charge of disbursing the funds to what he termed “shovel ready” projects that only lacked money to begin keeping and putting people back to work. So far 90% of those funds have not gone anywhere and much of what has been distributed has been misused by State, County and City governments to patch their budgets and keep bureaucrats working while non-government employment is sky rocketing.

Fast forward six months and unemployment has reached double digits and appears headed as high as 12% or one in eight Americans and fully 25% worse than the Obama forecast before declining hopefully by 2010. Fox News Network’s Glenn Beck  focused attention on the consequences of the miscalculation and absence of effective use of the first Stimulus Package using a dramatic chart produced by innocentbystander.net.

Last week Obama Adviser Tyson let the cat out of the bag predicting a second stimulus package at a meeting in Singapore sending shock waves through world markets and touching off a debate in the USA. A recent Rasmussen poll shows just 27% think more such borrowing is a good idea with well more than half saying stop it.