'This Week' Transcript: Biden

ABCs Jake Tapper interviews Vice President Joe Biden on "This Week"

JAKE TAPPER, HOST: I know that there are some in the White House who feel Wall Street reform, health care legislation, stimulus, and yet the public still overwhelmingly thinks this country is on the wrong track.

Are you not getting enough credit, you and the administration?

JOSEPH BIDEN, VICE PRESIDENT OF THE UNITED STATES: Look, these are gigantic packages to deal with a gigantic problem we inherited. And the vast majority of the American people and a lot of people really involved don't even know what's inside the packages. And so you have, for example, Mr. Boehner already calling for the repeal of -- of the reform that just passed on Wall Street. People don't realize, in that reform, you know, you say, look, we've had meat inspection for 100 years ago, the meat packing companies didn't like it. Automobile safety 50 years ago.

People are going to look back on this very shortly and say, why shouldn't we have some consumer group in -- entity looking at whether or not you can give someone a mortgage with no down payment, with no -- with a teaser interest rate, with no documentation, etc.

So it is -- people don't know that. Just like people don't know a lot of what's going on in The Recovery Act, understandably, because this has been so much stuff that has been flowing our way. And -- and we're facing a bunch of guys who are good guys, but they're all about repeal and -- and repeat. Repeal what we're doing and go back, repeal the incentives for industry to invest in solar energy. Repeal the health care bill that allows you to keep your kid on your health care policy, precondi -- preexisting conditions can't deny you policies, etc.

It's just going to take time. This is Jan -- this is July. The election is not until November. And I think we're going to have to firmly make our case. I think we can make it and especially in the context of who's going to be opposing us.

Compared to the alternative, I think we're going to get a fair amount of credit by November and I think we're going to do fine.

TAPPER: So the reason you're not getting enough credit is because the public doesn't understand everything that's happened yet?

BIDEN: Well, nor could they or should they. Look, in the last six months of the Bush administration, they lost three million jobs. Before we got our economic package in place, another 3.7 million jobs were lost in the first six months we took office. The last six months of this year -- the first six months of this year, we created almost 600,000 private jobs, you know, in the private market. That's not nearly enough to make up for the eight million jobs lost in the recession. But people are going to start to focus on exactly what we're doing. And all -- look, I'm convinced, at least from sitting around my dad's kitchen table and -- and the people I grew up with is when things are really tough economically and the country is in trouble, all they want to know is, they -- they don't expect an answer, but they expect to be reassured that we're moving in the right direction.

That is...

TAPPER: But they don't think that we are.

BIDEN: No. No, they don't think now because I don't think they know the detail of what's going on.

For example, here you had the insurance industry spending hundreds of millions of dollars to make the health care bill out to be this God awful tragedy.

Now what's starting off to happen?

The health care numbers are going up.

Why?

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