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Opening Arguments

The economy, stupid

Poor President Obama. He can't leave Joe Biden alone for a minute:

The administration is trying to tamp down talk that it didn't get it quite right -- talk created by Vice President Biden. On Sunday, he told ABC's George Stephanopoulos, "We and everyone else misread the economy." But he insisted that the stimulus "is the right package given the circumstances we're in."

Is "everyone misread the economy" sort of like "everyone believed there were weapons of mass destruction"? And try to follow this: Though the stimulus was needed to keep unemployment at around 8 percent and unemployment is now at 9.5 percent with some predicting it will go above 10 percent, the administratrion is "actually doing better than expected" in getting stimulus dollars flowing:

By the administration's calculations, almost 25 percent of the money has been obligated -- roughly $200 billion -- in about a quarter of the days in the life of the package. Officials argue that obligating t he money triggers economic activity, even if all the money is not yet spent.

Officials say the impact will be greater in coming months. "The second hundred days, you're going to see a lot more jobs created," Biden said Sunday.

Ah, I get it. The light at the end of the economic tunnel.