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VP Biden: We Were too Stupid about the Economy

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By Grant Lawrence

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"No one realized how bad the economy was. The projections, in fact, turned out to be worse. But we took the mainstream model as to what we thought -- and everyone else thought -- the unemployment rate would be."

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

Vice President Joe Biden on the the stimulus and the lack of an economic recovery

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