From Mort Zuckerman:
About 40% of U.S. workers believe the recession will continue for another full year, and their pessimism is justified. As paychecks shrink and disappear, consumers are more hesitant to spend and won’t lead the economy out of the doldrums quickly enough.
It may have made him unpopular in parts of the Obama administration, but Vice President Joe Biden was right when he said a week ago that the administration misread how bad the economy was and how effective the stimulus would be. It was supposed to be about jobs but it wasn’t. The Recovery Act was a single piece of legislation but it included thousands of funding schemes for tens of thousands of projects, and those programs are stuck in the bureaucracy as the government releases the funds with typical inefficiency.
The whole thing is worth a read. When Mort Zuckerman and Paul Krugman are aligned in thought, something is going on.
As a side note, I’m really not sure what to make of all the bizarre attacks on Biden. Of course everyone misread the economy- it was far worse than most expected or most wanted to admit publicly. Why does Biden keep getting pegged for “gaffes” when all he is doing is telling the truth?