Talk about chutzpah. Here’s a guy who was sent out by the White House to brazenly declare in 2010 that the U.S. economy was entering “the summer of recovery,” that the unemployment rate soon would be falling below 8 percent and that jobs once again would be plentiful.
“We’ve gone from hemorrhaging over 700,000 jobs a month the first several months … to adding several hundred thousand jobs a month in the last several months, he said.
The White House predicted unemployment would drop to 7.5 percent, but it never happened. It was never going to happen.
The unemployment rate was running above 9.5 percent that year, and Mr. Biden was given the task of selling skeptical Americans the political equivalent of the Brooklyn Bridge. They weren’t buying it.
Mr. Obama’s nearly $1 trillion economic stimulus didn’t deliver the goods, and that initiative has gone down in the economic history books as one of the most colossal policy failures of the modern presidential era.
“Now, as a presidential candidate, [Mr. Romney] has proposed a new international tax system that zeroes out taxes for companies that create jobs outside the United States of America,” Mr. Biden said in a campaign appearance in Davenport, Iowa, on Wednesday.
Mr. Biden went on to say, “We are talking about taxes and the burden on manufacturers. But there’s a big difference. Our tax cuts go to companies that create jobs over here. The Romney tax cut goes to companies that create jobs overseas. It’s a fundamentally different philosophy from ours.”
Then came the predictable class-warfare attack line that the former governor’s tax policies would favor the rich at the expense of the middle class.
But Mr. Romney’s tax plan is much more complex than Mr. Biden portrayed it. It is aimed at strengthening and expanding corporations here and the business they do overseas, so they can bring more of those dollars back to expand their operations and create more jobs.
In the economically remedial world Mr. Obama and Mr. Biden inhabit, building factories abroad weakens our economy and is a zero-sum game. In fact, building plants abroad is critically important to competing in the global economy and selling our products in overseas markets.
It’s cheaper to make and sell our products abroad than to ship them from here, just as it is far less expensive for Toyota and Honda, which manufacturer their cars here with American workers, instead of exporting them here from Japan.
The earnings that come from overseas markets boost the bottom line of U.S. businesses, providing them with increased capital to expand their operations both here and abroad.
No sooner was Joe “Summer of Recovery” Biden launching his attack on the Republican presidential front-runner than the Romney camp struck back where it hurts.