Well is that Leadership? Biden admits administration "misread" economy

(The hill).Vice President Joe Biden said the Obama administration "misread" the economy, and that now the unemployment rate is "much too high."

"The truth is, we and everyone else misread the economy. The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there," Biden said in an interview with ABC's George Stephanopoulos. "There was a misreading of just how bad an economy we inherited. Now, that doesn't -- I'm not -- it's now our responsibility."

"We misread how bad the economy was, but we are now only about 120 days into the recovery package," Biden said. "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having to distribute the bulk of money."