Joe Biden told "This Week" that the Obama administration "misread how bad the economy was." 

He also the administration made this mistake because they just looked at the consensus forecasts at the time…and they proved to be wrong.

If the latter is true, the administration deserves the crap it has been getting.  In the months leading up to Obama’s inauguration, the economy fell off a cliff.  The credit markets seized up.  Several major investment banks went bust.  The Fed and Treasury talked of an apocalypse.  Everywhere you looked, you heard one analyst after another saying the country was plunging toward another Great Depression.

Joe BidenIf anything, the economy since the inauguration has been better than many analysts feared.  So this "we didn’t get it" sounds like revisionist history to us. 

More likely, in our opinon, the administration concluded that it would never get its huge spending increases passed if its projections reflected the "most likely" scenario for the economy.  And so it produced the economic forecasts (growth, stress tests, jobs, etc) that have begun to destroy Obama’s credibility on this critical issue.

Regardless of the thinking behind the over-optimism, Obama has made a serious error here.  Recovering from financial disasters like this usually takes years--and it likely will this time, too, regardless of what Obama does. 

Above all else on the economy, Obama had to under-promise and over-deliver.  By promising a relatively swift recovery, he has set himself up for failure.  If the economy does recover, he’ll be fine, but if it doesn’t (which seems more likely), he will increasingly be blamed for failing to fix it.  And given the singular importance of this issue to most Americans right now, it is hard to see how his presidency will survive that.

WASHINGTON (AP) — Vice President Joe Biden said the Obama administration "misread how bad the economy was" but stands by its stimulus package and believes the plan will create more jobs as the pace of its spending picks up.

Biden, in an interview airing Sunday on TV network ABC’s "This Week," said the nation’s 9.5 percent unemployment rate is "much too high."

"The figures we worked off of in January were the consensus figures and most of the blue chip