VP Biden: For the millions of Americans without jobs, the U.S. economy is in a ‘depression’
EmailABC News' Karen Travers reports:
In recent weeks, Vice President Joe Biden has said that the U.S. economy has been in what he calls "a great recession" and has stressed that it is not a depression, echoing the general consensus of the nation's economists.
But today the vice president took some liberty with the economic terms to illustrate the continuing struggles of the unemployed in the United States.
For the millions of Americans without a job, "it's a depression," Biden said.
"My grandpop used to say — there was a suburb of Scranton called Minooka. He said, ‘When the guy in Minooka's out of work, it's an economic slowdown. When your brother- in-law's out of work, it's a recession. When you're out of work, it's a depression,'" Biden said.
"Well, it's a depression — it's a depression for millions of Americans, through no fault of their own," he said.
A recession is generally defined as a downturn in economic activity, usually marked by two or more consecutive quarters of declining GDP, and is less severe than a depression, by economists' standards.
Just two weeks ago, Biden said that he calls the current state of the economy "the great recession" because it's "the single worst economic circumstance" the United States has been in, "short of a depression."
On Oct. 2, Biden said that "fears of a depression have been replaced by forecasts of recovery" and on Sept. 3 Biden said that "instead of talking about the beginning of a depression, we're talking about the end of a recession eight months after taking office."
Biden's economic policy advisor Jared Bernstein told reporters today the vice president was "very accurate" that "in an economy with over 15 million people unemployed, there's a lot of folks out there that are facing deep economic struggles."
"Until we start bringing down the unemployment rate, until we start chipping away at those millions of unemployed people, until we start providing them with the jobs, the wages, the incomes, the hope, the opportunity that the vice president had in his mind when he was referring to…that dynamic, our work is far from done," Bernstein said.
-Karen Travers
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Obama Avoids Questions on Contraception Rule
My heart aches for the people trapped in long term unemployment.
Posted by: MayBee | October 19, 2009, 2:46 pm 2:46 pm
===”My grandpop used to say — there was a suburb of Scranton called Minooka. He said, ‘When the guy in Minooka’s out of work, it’s an economic slowdown. When your brother- in-law’s out of work, it’s a recession. When you’re out of work, it’s a depression,’” Biden said.===
::eyeroll:: I didn’t know Biden’s grandpop was Harry S. Truman.
Posted by: Axey | October 19, 2009, 2:47 pm 2:47 pm
But it “could be worse”, per Valerie Jarrett. According to her MTP statement yesterday, the current administration has “saved millions of jobs”. Horse pucky. Rookies…
Posted by: jonec1200 | October 19, 2009, 2:59 pm 2:59 pm
Axey – Maybe Harry knew Biden’s grand pop or maybe it is just a saying passed down. It does seem to have the ring of truth. I am a DOL employee. Until the companies begin hiring again, the economy is not going to get better. You can twist it turn it and mix in all the numbers and precentages you like but until the country gets back to work, there is no economic turnaround.
Posted by: jenny | October 19, 2009, 3:02 pm 3:02 pm
I agree with Jenny, it isn’t going to get better until the private sector feels confident enough to expand and create jobs. Tax revenues will be down and the misery index for too many will be high. Lets hope that sanity prevails and they get to work on improving business conditions.
Posted by: david | October 19, 2009, 3:09 pm 3:09 pm
Unemployment is rising, jobs are drying up, and getting worst. It really makes sence to pass our version of socialized health care, so the unemployed have an added worry of not being able to afford the mandatory payment or be fined.
Why this all consuming need to pass health care NOW? How does creating taxes in the middle of at least another 18 – 24 months of down turn relieve the primary pressure and issue of the day?
Dosn’t this guy know that mid terms are coming. It’s ” Good night Irene” for his political agenda, when he looses control of the political process.
Buying off seniors with $250.00 a vote
is an insult.
Russia has created another “Cold War” and obama has flittered away our only card.
Posted by: HHR | October 19, 2009, 3:19 pm 3:19 pm
===Maybe Harry knew Biden’s grand pop or maybe it is just a saying passed down.===
From the man who said “when the stock market crashed, Franklin D. Roosevelt got on the television…”, I don’t give him any benefit of the doubt. He makes stuff up. Or lies, if you prefer.
Posted by: Axey | October 19, 2009, 3:33 pm 3:33 pm
“It really makes sence to pass our version of socialized health care, so the unemployed have an added worry of not being able to afford the mandatory payment or be fined.”
HHR | Oct 19, 2009 3:19:20 PM
What? You think the unemployed are happier with the prospect of NO health care for themselves and their children? Anyone with a pre-existing condition can’t buy their own insurance at any price. Heck A BREASTFED INFANT was denied insurance for a while due to being “overweight.”
Posted by: jhw539 | October 19, 2009, 3:34 pm 3:34 pm
It was a month ago Biden said the economy was improving and the recession was over. Talk about a Flip,Flopper.
Posted by: marion | October 19, 2009, 3:37 pm 3:37 pm
“It was a month ago Biden said the economy was improving and the recession was over. Talk about a Flip,Flopper.”
That was his point.
That those out of work have not been touched by recovery even as economic indicators improve.
The right wing…stuck on stupid.
Posted by: Ryan C | October 19, 2009, 3:46 pm 3:46 pm
Tell me, why didn’t the family with the 99th percentile weight baby simply keep the insurance they already had instead of tring to buy an individual plan for the baby?
It’s factually incorrect to say they couldn’t get insurance. they already had family coverage under which the baby was covered. They just didn’t like the price of it.
Posted by: James | October 19, 2009, 3:56 pm 3:56 pm
Maybe Obama could help by looking out for small businesses instead of stuffing the pockets of his pals on Wall Street.
Posted by: hank | October 19, 2009, 4:00 pm 4:00 pm
Nothing wrong with trying to win support with empathy for jobless Americans.
Posted by: Matt | October 19, 2009, 4:11 pm 4:11 pm
Memo to Biden:
We have been in a minor depression for 2 yrs. already, with absolutely zero sign of an end to it, in the near future.
Not to mention, things can’t improve until people can return to work, and your administration is doing next to nothing about creating jobs, while in the process, money is disappearing like water vapor.
Posted by: Rick McDaniel | October 19, 2009, 4:13 pm 4:13 pm
And the ones on the right is complaining about the need to reform the financial system….There need to be rules and LAWS that governs the outrageous behaviors of Wall Street with Dow reaching 10,000 plus, while middle America is Not seeing the business loans and other props from this industry. Go get ‘em Mr. President. They are selfish, money hungry ########, that thinks America is their “trough”. All created in the 1980′s under the Reagan administration. Nothing runs well WITHOUT regulation…got it!
Posted by: sara | October 19, 2009, 4:20 pm 4:20 pm
As long as Wall St gets paid, the talking points will be about “recovery”. If Wall St got fired like the rest of America, instead of bailed out by Bush, they would be singing a different tune. It is absolutely mindboggling that in this country a bank exec who participated in the largest mortgage fraud in history can receive billions in retirement, yet the people who BA conned into taking high risk mortgages are being forced into homeless shelters now that they’ve lost their jobs as a result of the crash. Justice is not only blind, it seems she is deaf and dumb too, as far as the average American goes.
Posted by: jd58m | October 19, 2009, 4:23 pm 4:23 pm
I’m just sick of everyone who looks to the government to fix all of their problems. Sorry, but a country of 300 million people is going to have poor people, and people who need to use the ER’s as their doctors (that’s right, every single person in this country HAS medical care!. If Obama and his ilk really had the “uninsured” in mind they wouldn’t be destroying the system that takes care of 90% of us to help the 10%. They just want the control that comes with their scheme, and a lot of you idiots just don’t seem to care.
Posted by: Porky | October 19, 2009, 4:35 pm 4:35 pm
I am one of the long term unemployed with no benefits left on my unemploymeny claim. No medical insurance, no help from any government agency at all. As much as I would love to have some type of medical help, I would rather have monetary help instead. But above all else I would rather have a job with benefits. We are in a depression and I think that it is worse than the 1930′s. No companies offer retirement package like they use to. Just a 401k, but look how that turned out. Scammers,banks, insurance agencies, stock brokers. They all need some jail time. As for those giving out bonuses… As long as they have paid back all the money they took from the government with interest. Then it’s not for me to ask why? No pay raises to anyone who took the bailout money. This includes members of congress and the senate. How dare they when over 15 million people are about to be homeless. Shame on those politicians. They were voted in office by the people to do good for the country, not to fight the president or take money and gifts from special interests groups. We can’t blame the present administration for this mess. No one was home leading this country for the past 8 yrs. All his cronies took what ever they wanted from our country, stole from the people. We became a joke to the rest of the world. Hopefully now we will gain the respect back again. I think we are on the right tract. We finally have a man who has some common sense and he is educated, regardless of the colour of his skin. There is only one race…. The Human race….. And to those idiots out there who say he’s not an American. Get over yourself, you are a joke!!!! And part of the reason why the world laughed at us for the last 8 yrs. Acceptance is the answer to all your problems.
Posted by: fedupscot | October 19, 2009, 5:07 pm 5:07 pm
Some economists define a depression as a contraction of GDP lasting longer than 3 years.
So for some segments of the economy and some segments of the population, poor urban, poor rural etc. this current economic crisis hasn’t really changed much in their lives. For many, the loses in manufacturing jobs of the Reagan and Bush I years was the start of a steady decline in living standards and income. I would say for many communities, you can say that they have been stuck in a depression for many many years.
Also, you have to love people who think that because the emergeny room is open to all as a matter of law, “everyone has access to medical care.”
Even forgetting that just a couple of trips to the emergency room would bankrupt most folks.
Who is supposed to pay for the emergency room you dolt?
Do you somehow believe that they magically open up themselves, with free medicine and volunteer doctors and nurses?
Emergency rooms across the country are running at loses and thousands have closed down in recent years because of the rise in the number of uninsured and underinsured patients.
Also, since we mandate by law that you can’t turn away patients in the emergency room, why not mandate that no doctor can turn away any patient?
Why just saddle emergency rooms with this particular intrusion?
What if I really, really need a face lift and tummy tuck, but can’t quite afford it?
Posted by: Charles | October 19, 2009, 5:08 pm 5:08 pm
Why couldn’t obama fix this with $1.2 Trillion in stimulus funds? He won the coveted Nobel Peace Price in only 9 short months in office. What’s more difficult – creating jobs with $1.2 Trillion or achieving world peace??? I would think obama could create 3.5M jobs, as he promised, in 9 short months.
Posted by: Jenny | October 19, 2009, 5:17 pm 5:17 pm
Uh-oh. Some idiot White House staffer let Crazy Uncle Joe out of his room in the West Wing attic. Next time, Obama had better post a Secret Service guard by Joey’s door so he doesn’t escape again. ;)
Posted by: MarkJ | October 19, 2009, 5:33 pm 5:33 pm
And people were making fun of Sarah Palin being stupid. She waxed the floor with this idiot during their debate. But he’s liberal. I forgot. This guy is an embarrassment.
Posted by: Timmeh | October 19, 2009, 5:57 pm 5:57 pm
Mr. Obama will continue to blame it on the ways of Washington, despite a quarter of his term is almost up.
Posted by: young_voter | October 19, 2009, 6:20 pm 6:20 pm
Mr. Obama will continue to blame it on the ways of Washington, despite a quarter of his term is almost up.
young_voter | Oct 19, 2009 6:20:11 PM
Are you trying to look silly? Obama’s term isn’t even a fifth over yet and NO ONE expected him to change Washington in 9 months. Most don’t expect him to have much success in 4 years.
Posted by: jhw539 | October 19, 2009, 6:28 pm 6:28 pm
“We have been in a minor depression for 2 yrs. already, with absolutely zero sign of an end to it, in the near future.”
Rick McDaniel | Oct 19, 2009 4:13:00 PM
While Biden is absolutely correct that jobs are what the voters care about, I’m afraid the Chicken Little act is kinda hard to believe now that everyone’s 401k is looking better, housing prices have stabilized, we’ve moved onto to hunting down those responsible for the *almost*-collapse of our financial system, and job losses are slowing to a normal-recession pace.
Posted by: jhw539 | October 19, 2009, 6:30 pm 6:30 pm
“And people were making fun of Sarah Palin being stupid.”
She is.
She is also a quitter.
“She waxed the floor with this idiot during their debate”
ROFLMAO!
Most people saw her read a script during the debate regardless of what questions.
I think I may have stumbled on why so many right wingers love her…she’s an empty headed parrot just like you guys!
Posted by: Ryan C | October 19, 2009, 6:54 pm 6:54 pm
God help us all.
What a bunch of whiners and babies there are on this site….thinking “government” is the solution to their “problems” and that they are owed something by someone.
Never mind getting to live the easiest lives in the history of civilization.
Continue to shout the praises of your socialist/pacifist Messiah and the gang of incompetent louts in Congress.
And continue to lead wretched lives until you take some responsibility for your situation.
Posted by: Sam H | October 19, 2009, 7:39 pm 7:39 pm
Once again, V.P. Biden spoke the truth.
I’m no longer surprised that the wingers posting here have no compassion for those, by no fault of their own, less fortunate. What puzzles me is that they seem to forget that these unemployed workers can no longer afford to buy goods and services from Repub. owned businesses. Oops! I forgot we always give tax cuts or bail-outs to those corporate folks.
Posted by: B. Bear | October 19, 2009, 7:49 pm 7:49 pm
Overall, 49% of voters say they at least somewhat approve of the President’s performance. That figure has stayed in a very narrow range between 47% and 52% every day for more than six weeks. Fifty percent (50%) now disapprove.
Posted by: Fascist Hyena | October 19, 2009, 8:07 pm 8:07 pm
Tracking Poll for Monday shows that 30% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as President. Forty percent (40%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -10. This is the fourth straight day the Approval Index has been in negative double digits.
Posted by: Fascist Hyena | October 19, 2009, 8:10 pm 8:10 pm
Obamanomics are being felt in Hawaii:
HONOLULU – At a time when President Barack Obama is pushing for more time in the classroom, his home state has created the nation’s shortest school year under a new union contract that closes schools on most Fridays for the remainder of the academic calendar.
The deal whacks 17 days from the school year for budget-cutting reasons and has education advocates incensed that Hawaii is drastically cutting the academic calendar at a time when it already ranks near the bottom in national educational achievement.
Posted by: Fascist Hyena | October 19, 2009, 8:21 pm 8:21 pm
===Most people saw her read a script during the debate regardless of what questions. ===
I agree. Had she really known her stuff, she would have nailed Joe Biden’s lies to the wall. I’m sure you caught the lies since you are so much more attuned than Sarah Palin, right?
Posted by: Axey | October 19, 2009, 9:17 pm 9:17 pm
The oaf Biden struck nicely in June:
Secretary of State Hillary Rodham Clinton was forced Sunday to correct publicly Mr. Biden’s characterization of Russia as a crumbling country, a description that infuriated Russian officials and contradicted President Obama’s efforts to “reset” relations with the world power.
“This isn’t likely to help convince the Russians we really want to work with them on the foreign-policy issues that matter to us,” said Toby Gati, a former top adviser on Russia to President Clinton, from Moscow.
Posted by: Fascist Hyena | October 19, 2009, 9:25 pm 9:25 pm
Travers, there is something wrong here:
“Vice President Joe Biden has said that the U.S. economy has been in what he calls “a great recession”
Being in the news business, you should know that “what he calls” implies that Biden is making this up on his own. It would be more accurate to say “what many are calling” instead, as the phrase ‘great recession 2009′ generates over 111 million hits on Google now.
Of course, being in the news business, you would know that assigning the phrase to Biden with no reference to the fact that it is a popular term is an attempt to belittle the term, so I assume that you are doing this on purpose.
Get off your high horse and report the news.
Posted by: Flash Override | October 19, 2009, 9:35 pm 9:35 pm
How can anyone like or take this disgusting, idiotic crackpot seriously?.
This fool will never win a presidential election. This time last year, the Delaware dummy vs the Alaskan bimbo!
Posted by: JV | October 19, 2009, 9:37 pm 9:37 pm
Presidential Job Approval Ratings
Approve/Disapprove
57/40 ABC News/Wash Post
51/42 Gallup
49/50 Rasmussen Reports*
49/45 FOX News
53/41 Marist
56/34 CBS News
52.5%/42.0% RCP Average
*Choice pollster of conservatives
Posted by: Numeros | October 19, 2009, 9:50 pm 9:50 pm
It appears that Ruth Marcus of the WaPo is depressed:
There’s only one thing dumber than picking a fight with people who buy ink by the barrel — picking a fight with people who don’t even have to buy ink. The Obama administration’s war on Fox News is dumb on multiple levels. It makes the White House look weak, unable to take Harry Truman’s advice and just deal with the heat.
Posted by: Fascist Hyena | October 19, 2009, 10:21 pm 10:21 pm
RCP average approval, Registered and Likely Voters: 50.33%.
Support for Dem healthcare bills: 42%. Opposition: 54%.
Posted by: Fascist Hyena | October 19, 2009, 10:27 pm 10:27 pm
“The Obama administration’s war on Fox News is dumb on multiple levels.”
_____________________________________
That’s an opinion. I don’t mind the White House calling out FOX for what they commonly and repeatedly present – partisan Republican, anti-Democratic propaganda. It is not news, and any reporter worth their salt will tell you so.
Posted by: julieterra | October 19, 2009, 10:29 pm 10:29 pm
October 20, 2009
“A new Washington Post-ABC News poll shows that support for a government-run health-care plan to compete with private insurers has . . . clear majority support from the public.
“57 percent of all Americans now favor a public insurance option, while 40 percent oppose it.”
Posted by: julieterra | October 19, 2009, 10:32 pm 10:32 pm
The New York Times describes what happens when a community organizer becomes Commander-in-Chief:
“But now, after nearly a month of deliberations by Mr. Obama over whether to send more American troops to Afghanistan, frustrations and anxiety are on the rise within the military.
“A number of active duty and retired senior officers say there is concern that the president is moving too slowly, is revisiting a war strategy he announced in March and is unduly influenced by political advisers in the Situation Room.”
The stench of cowardice and indecision is wafting over Lafayette Park.
Posted by: Fascist Hyena | October 19, 2009, 10:45 pm 10:45 pm
“But now, after nearly a month of deliberations by Mr. Obama over whether to send more American troops to Afghanistan, frustrations and anxiety are on the rise within the military.”
______________________________________
“Part of the strain comes from lessons learned from the generals who acquiesced to former Defense Secretary Donald H. Rumsfeld’s demands for a small invasion force in Iraq, then faced criticism that they had not spoken up for more troops to secure the country during the occupation.”
Posted by: julieterra | October 19, 2009, 11:05 pm 11:05 pm
“RCP average approval, Registered and Likely Voters: 50.33%.”
I have never seen RCP do a separate average of only the Registered and Likely Voter polls. Where on the RCP website can we find this, Fascist Hyena?
Posted by: Numeros | October 19, 2009, 11:32 pm 11:32 pm
The stimulus bill is supposed to keep the jobless rate below 8% and employs 3 to 4 million people. Now the jobless rate is near 10% and the job gained is only 10% of expected. Too much money has gone to states for minor road/bridge repair and miscellaneous services. Not much is used to relieve job losses in manufacturing. Biden is pleased to play the role of Santa Claus, he always has some money to give away to please his fellow Dem politicians wherever he goes.
Posted by: austin | October 20, 2009, 1:16 am 1:16 am
For millions of Americans that are exposed to the Vice President’s constant meanderings.. they are just depressed.
Posted by: DontGet818OnMeNow | October 20, 2009, 7:17 am 7:17 am
If Obama doesn’t like the way Fox runs their company, he should just take it over… what’s one more government financed and operated entity.. no big deal.
Posted by: DontGet818OnMeNow | October 20, 2009, 7:24 am 7:24 am
jhw539 – You are right, the stock market is up and housing prices are starting to stabilize – none of this is the result of the Stimulus Bill.
The housing market is stabilizing because the Feds are doing two things: (1) they are buying $5 Billion dollars worth mortgage backed securities a day which is driving the long term interest rates artificially low and (2) HUD, Fannie and Freddie are holding their inventories of foreclosures off the market. Add to this a “non Stimulus Bill” incentive to first time buyers and suddenly the “invisible hand” of the market ‘ain’t so invisible’ anymore.
Stock market? Yeah, it is restoring but the same ‘not-so-invisible hand’ is at play here. Let’s see – the Financial sector, housing (Fannie and Freddie) and the Automotive sector are all owned by (this is the important part) the US government.
Reducing the numbers of weekly job losses is a start – yes – but, unless the economy starts to create jobs – real jobs from real businesses – then all of this stabilizing is vacuous and non sustainable. There is simply no such thing as a ‘jobless recovery’ – those are economist’s words and mean nothing to small business and guys out of work.
Let me put this in simple terms: “Its not just the economy, its the Jobs”
Posted by: Lone Star Rules | October 20, 2009, 7:25 am 7:25 am
Please let’s continue to debate the definitions and aspects of the words recession and depression and call it a useful discussion.
Also let’s speculate the stimulus’ effect before it is completely rolled out.
All very useful and intelligent discussion.
Posted by: James Harding | October 20, 2009, 9:26 am 9:26 am
I may be mistaken, but I think Biden lifted part of this speech from Reagan. It is very similar to parts of a speech given by Reagan. I think Biden has a history of doing these things. Somebody needs to call him on this. He has a staff to write his speeches. Jake – where ya at???
Posted by: robin | October 20, 2009, 7:22 pm 7:22 pm
Would like to read a review of the UK economy as well. From where I sit it looks as dreadful as ever. Surprisingly, we are still in recession after so many efforts. I just hope it doesn’t get worse than this.
Posted by: nancy @ princetoncryo LLC | October 25, 2009, 6:27 am 6:27 am
Government is the problem. When the era of government intrusion on the free enterprise system is over, that is when human nature will be allowed to correct the flaws in our system.
Posted by: Arizona Life Insurance | September 14, 2010, 5:16 pm 5:16 pm