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Biden: U.S. Economy in Danger of 'Absolutely Tanking'
December 19, 2008 3:42 PM
Vice President-Elect Joe Biden said the U.S. economy is in danger of "absolutely tanking" and will need a second stimulus package in the $600-billion to $700-billion range.
"The economy is in much worse shape than we thought it was in," Biden told me during an exclusive interview -- his first since becoming vice president-elect-- to air this Sunday on "This Week with George Stephanopoulos."
"There is no short run other than keeping the economy from absolutely tanking. That's the only short run," Biden told me.
Biden said he has canvassed Republican and Democratic members of Congress about a second "big" and "bold" stimulus package . He said the Obama team is focused on creating jobs and spending on energy and information technology infrastructure.
"Every single person I've spoken to agrees with every major economist. There is going to be real significant investment, whether it's $600 billion or more, or $700 billion, the clear notion is, it's a number no one thought about a year ago," he said.
The future vice president said the struggling economy will be the number one priority for the Obama Administration next year.
"The single most important thing we have to do as a new administration, to have -- to be able to have impact on all of the other things we want to do, from foreign policy to domestic policy, is we've got to begin to stem this bleeding here and begin to stop the loss of jobs in the creation of jobs," he said.
In a wide-ranging interview to air on Sunday, Biden gave his most extensive explanation yet on his role in the transition, and what specifically Obama wants him to do after the inauguration.
We also discussed:
- conversations he had with Sen. Hillary Clinton and President Bill Clinton about the State Department position;
-the future of Guantanamo Bay;
-the possible prosecution of high-ranking Bush Administration officials for their role in the prison abuse scandal;
and what he really thinks of his predecessor, Vice President Dick Cheney.
He also has some news on the dog front ... more to come.
--George Stephanopoulos
December 19, 2008 in This Week with George Stephanopoulos | Permalink | Share | User Comments (1146)
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Whats wrong with Biden? First he expects some serious disaster in 6 months of Obama taking office and now he is pessimistic about the economy. If the government cuts all spending by 50% that would include the VP's salary and salaries of all in congress and US government and use that to pay the deficit off and to give tax breaks and credit vouchers to the middle class and to all the new businesses, I don't think the economy will tank. The problem right now is big government spending, rewarding mismanaged companies with bail outs, the made off with billions having free reign, poor regulation of the monies being spent and the loss of confidence in Washington, Sacramento, Springfield, IL and New York's wall street.
Posted by: gjkotw01 | Dec 19, 2008 4:54:36 PM
Biden is a moron. Could absolutely tank? It is not a matter of if but when. The economy is propped up by ponzi schemes that put Madoff's scam look tame. Watch as 401K and pensions are taken just like Argentina. There is no money for Social Security and the people who currently receive SS are owed $52 trillion -- good luck to them! The derivatives market is a heinous scam and there is 4 times the amount of money in it than exists in the world! Think about that one! Biden is a pernicious tool.
Posted by: Ford Fairlane | Dec 19, 2008 4:56:13 PM
I am afraid this country has become a Dr. Phil nation. Make money at any cost even if it degrades and destroys the reputation or semblance of self-esteem or pride of any kind. This systemic immoral conduct can be seen everywhere. Whether it's Blago, our economy, or Iraq, or.....
Posted by: followthelight | Dec 19, 2008 4:58:31 PM
“Now that Barack Obama will be moving to the White House, his seat in the U.S. Senate representing Illinois will have to be filled. That's one of Obama's first priorities today. He's meeting with Governor Rod Blagojevich this afternoon in Chicago to discuss it.”
Posted by: barefootboy | Dec 19, 2008 5:06:52 PM
Biden is a fool and a disgrace to our country. He is saying this so he will look like a hero when everything turns positive. They are sitting around praying that we ahve zero positive announcements until they get in and save us all.
He is a liar and cheater. Doesnt have the brains to think up anything on his own, probably stole this quote from talk radio in Wheeling west VA, where he should move to
Posted by: hokydad | Dec 19, 2008 5:10:05 PM
I like the straight talk from Biden. It is MUCH better than the LIES we've heard from Bush about how good the economy was. There's a difference between being optimistic (as Obama is), and LYING like Bush did.
The economy IS in terrible shape and we need to solidify the mess the Republicans created in 8 short years.
Posted by: Eric | Dec 19, 2008 5:12:29 PM
You may find you can through as
much money as the United States can
print out in four years and in
the end it will have NO EFFECT!
on the outcome.....
we may be going down for the count
Posted by: Anita Yova | Dec 19, 2008 5:19:38 PM
Peter schiff and Ron Paul were right.
Posted by: Ben Straub | Dec 19, 2008 5:20:58 PM
I get this sick feeling, somewhere Bin Laden is smiling and saying, good job.
Posted by: comenow | Dec 19, 2008 5:29:45 PM
I hope when the governor goes to prison, they shave that head. He would look better.
Posted by: barefootboy | Dec 19, 2008 5:30:44 PM
barefootboy....NOOOOOO...Bubba loves a lot of hair.
Posted by: itgetsbetter | Dec 19, 2008 5:35:03 PM
Toss him some softballs George, no tough questions, or else he will take his ball and go home. maybe even cry a little.
You are really fair George, Kiss up to Obama and grill McCain during election.
Journalism?????????????
Posted by: jiimbo | Dec 19, 2008 5:41:12 PM
We sure could use all that money($3-Trillion) wasted in Iraq.
Posted by: bob | Dec 19, 2008 5:43:34 PM
Let's face it, we had no real choices in our political campaigns, Bush had done no worse for economy after 9/11 -who could have planned for that( Yeah, I've heard- they already knew it was going to happen...sure)Clinton? come on, he wasn't lying? (didn't vote for him or Bush) the whole thing is, the pres. does not have as much control as a lot of people think, but take all the responsibility... I hate it when every one pins it on one person, or that they do in the first place. We all need to come together in these times and quit pointing fingers, and try to find solutions! Only then can we prove we are a great nation. I admit, didn't like Obama either, but he's here to stay, so let's get behind him/ he's our new leader, and only with support can we get something out of him! God Bless America, and Merry Christmas!
Posted by: Miguel | Dec 19, 2008 6:01:27 PM
"Anyone ready to vote for Bush again?"...DEAR GOD NO!!!! Get a hold of your senses, man! Joe is Joe. He's fodder for comics. Put it this way, in anyone OTHER than Biden said this, people would worry. Joe will give us four years of eye rolls while the REALLY SMART guy is in charge. I do NOT want to return to th days when the ENTIRE WHITE HOUSE STAFF causes the eyerolls!
Posted by: mike | Dec 19, 2008 6:05:54 PM
Obama to Biden: "You know, Joe, if I need some advice on specific foriegn policy items, I'll call ya, OK? but for now, could you just shut the f^@k up for about four years???"
Posted by: snowinglikecrazy | Dec 19, 2008 6:10:36 PM
I get this sick feeling, somewhere Bin Laden is smiling and saying, good job.
Posted by: comenow | Dec 19, 2008 5:29:45 PM
****************************************
What you said!
Posted by: Susan-1 | Dec 19, 2008 6:12:54 PM
"When President Clinton left Office in 2000, our country is in surplus"...bunch of us went out ot lunch to today were just talking about "remember the CLinton days???? What a good old time that was!!!" What a better place we'd all be in if there were no such things as an electoral college.
Posted by: joe | Dec 19, 2008 6:14:25 PM
Thanks for the cheerful news Joe Biden! Those kinds of statements sure make the holidays jollier.
Posted by: Miss Mellie | Dec 19, 2008 6:17:48 PM
Joe - my favorite part of the Clinton administration was his fine handling of Rwanda, Haiti, Sierra Leone, Somalia - those legacies live on today!
Posted by: Rudolf the reindeer | Dec 19, 2008 6:19:39 PM
It's is going to be bad, folks. Lots of sources have been telling us for years about the housing bust and about the phony mortgages. Didja see 60 Minutes last week? Check it out online. There's another shock coming. Here in Ohio things are bad. Jobs moving to India while the Exec's get paid HUGE bucks. We, the People, are being screwed. We all ought to go to Washington or NYC and protest outrage at these big big bonuses the brokerage firms & banks are giving their Good Ole' Boys. People should be out in the streets and mad as hell....
Posted by: JANE C., Springboro | Dec 19, 2008 6:19:57 PM
We should have let the south secede. They would have Palin as president, they'd be deep deep in a depression by now, at war with Iran, Iraq, Pakistan and Afghanistan. Their slaves would have revolted by now and our economy would be strong and we never would ahve been attacked on 9/11 and we'd be looking at them saying 'it sucks to be you"
Posted by: oh if only | Dec 19, 2008 6:20:35 PM
HEY JOE.... DO US ALL A FAVOR...
Before you say anything else... STOP. Take a few precious minutes and THINK before you Speak... Jez!!!
Posted by: Squierghia74 | Dec 19, 2008 6:21:23 PM
Please really help, not just talk. Reverse the bankruptcy bill you helped pass. We need help !!!!
Posted by: Mary | Dec 19, 2008 6:22:15 PM
Here's an idea, instead of creating new jobs, why don't we stop issuing HB1 visas and retrain Americans to do the jobs that thousands of foreign workers do every year in this country. We could also continue cracking down on employers who hire illegal workers and crack down on the networks that supply illegal workers with stolen social security numbers (which makes it possible for them to get a job). There's lots we can do without having to create new jobs.
Posted by: Bright light | Dec 19, 2008 6:23:21 PM
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