(CNN) - Sen. Joe Biden, the Democratic vice presidential candidate, said Tuesday that "the middle class is dying" and Sen. Barack Obama's economic plan will reverse that trend by lowering their taxes and raising those of people making $250,000 or more.
Watch Biden on American Morning
"Create jobs, keep people in their homes and increase regulatory oversight of the very people John (McCain) has refused to regulate," Biden said, summing up Obama's plan for repairing the ailing economy.
Earlier: Biden hammers McCain over economy
"We're letting taxes expire for the very wealthy and giving the middle class a fighting chance," he said.
Asked if that amounted to income redistribution, Biden replied, "I don't care what you call it. The middle class is dying."
"The American worker's been left out in the cold," he said.
Biden squarely blamed the economic mess on President Bush's economic policies backed by McCain, including the failure to properly regulate Wall Street, which he said resulted in fewer jobs, increased foreign debt and skyrocketing oil prices.
Biden, like McCain, called for stronger government regulation of Wall Street. "Bottom line is if you come to the federal government to borrow money, we get to look at your books," he said. "That's my money. It's the taxpayers' money."
Biden further blamed Bush and McCain for the "god-awful economic mess at home and abroad." Referring to assertions by McCain that the U.S. economy was fundamentally strong, Biden said the economy was "sound if you're very wealthy."
"It's a disaster if you're a hard-working middle-class family who goes from paycheck to paycheck and worries about paying your mortgage," he said.
What perfect timing for this economic disaster. I am glad this is happening at this time during the election. I'm curious how it will play out between the two candidates but it's a plus for Obama. He needs to run with this to his advantage.
BJ... 6 of the last 8 years the congress has been controlled by the republicans and those years were not rosie either. And the last 2 Bush has suddenly found his "Conservative Roots" and vetoed everything the dems in congress have tried to do :).
51 – 49 is not a big majority for congress, especially when the tiebreaking vote goes the biggest turn coat in the Dems history, Joe Liberman. That really puts us at a 50-50 deadlock, right...?
McCain try to be the commander in chief of the economy, but he still doesn't get it,,,,,,,,,,,, what a shame
McCain once said that economics is not his strong point, and he keeps proving it by the comment that the "economy is fundamentally strong," and then saying it is in a crisis the next day. It is time for change, real change, and that means time to vote for Obama, and I have been a Republican for 40+ years.
Bush let big business run amuck, so he is partly to blame, along with the 6 years of republican controlled congress. He has spun it toward the dems, but 15 min. reading up and you can find the truth.
McCain has had 26 years to buck the "trickle down economics" theory and never did. He is just like the rest of them and Biden is right.
For all of you who think the rich are making out on taxes consider this, the top 1% of earners pay 37% of income taxes collected, the top 10% of earners pay 68% of taxes, and the top 25% of earners pay 85% of taxes while the bottom 50% of earners pay 3% of taxes. Of course any tax relief is going to impact those that make more they are the ones paying the taxes, anything beyond that is just a government handout. This country was founded on self reliance, too bad that mentality is lacking is so many ways today.
This is the Biden I have been waiting to see. The more I see, the more I like. Go Biden.
Truth be told, all hands were asleep at the wheel on this both Republican and Democrat, the Executive and Legislative braches and the media. Let’s also included the greedy businesses and the people who thought an ARM was a brilliant idea. The whole system failed. And truth be told, it is going to take all of us to fix this mess.
IT'S MORNING IN AMERICA!
ARE YOU BETTER OFF NOW THEN YOU WERE 4 YEARS AGGO, 8 YEARS AGO OR 26 YEARS AGO WHEN JOHN McCAIN CAME TO WASHINGTON.....
IT'S MORNING IN AMERICA.
You tell 'em, Joe!
BJ, the Repubs have been running this country on these failed policies for 8 years. How funny that people seem to forget this important fact.
In 1932 America resoundingly defeated Herbert Hoover and the Republican party after their policies of deregulation and favors for the wealthy and corporations resulted in the Stock Market crash and the ensuing Depression.
America needs to hold the Republicans accountable,l something they have been able to avoid for the past 8 years.
To think that John McCain, the nominee of this fiscally irresponsible party is going to do anything different with the economy is a fantasy. The philosophies that almost destroyed the country in 1932 are still the basis for Republican economic policy today. McCain's own top financial advisor, Phil Gramm said America is a nation of whiners.
It makes no sense to keep voting in the party that brings such ruin on the country.
Vote for hope not fear. Vote Obama/Biden
Great Biden, no rest for McCain, he is wrong completelyand he does not economy. Palin does not understand economy and knows only two things: kill polar bears and putting up lipstick. People are losing their jobs, their homes and their revenues and still this moron McCain is saying that the fundamentals of the economy are good, when he will get it? God save America from McPalin.
GO GET EM JOE ! ! ! !
Wow nothing could be further from the truth one senator and president not the entire congress (democrat) had anything to do with the current economy. Sounds like he is lost on the position of the president and how the majority power of the congress has a greater control on the direction and plan for the country.
Better check into this further, economy has declined during the democratic control of congress. The big fallout is due to changes in the economic plans of Alan Greenspan that brought on these bad loans – interest only, ballooning rates that people cannot afford.
Think its a republican response – check into the legislation the choices and plans Obama has – go to Snopes, or your favorite news web site and do some reasearch it's an eye opener.
Can we not play the blame game? The GOP blames the "do nothing Congress" and the Dems blame the "asleep at the switch Bush"
I don't care who is ultimately responsible for this mess... I care about how the next president plans on fixing it...
I agree. It does amaze me that the Republicans' stock answer has been "well the Democrats have controlled congress" as if they are politically aware. And yet they are oblivious to the hugh numbers of Republican filibusters over these last 2 years. Know your facts before you attack.
the Republican approach to economics is basically this:
You can´t solve the problem with tax-cuts or airstrikes? Well, then the problem doesn´t exist.
Go Joe! Let all hell loose on them!
This is the republicans mess. Hopefully the independent and sane republican votes will realize this and vote accordingly. Message to all battleground states. Don't be fooled again by the two faced republicans. They have sold out America and "We the People" are paying for it.
why is everyone all mad over obama raising taxes on the rich? GIVE ME A BREAK! Why do you care if the rich have to pay more taxes? We gotta get the money somewhere!! I dont think the average american person can keep fronting the bill. Oh no!! Paris hilton can't get new shoes because she has to worry about her death tax!! WOE IS HER!!
Repeat after me folks…. good morning Vice-President Sarah…
ah, what a sweet sound …. maybe Obama should relocate to europe
The Republican magic strategy: just give more money to the super-rich and to corporations, and out of the goodness of their enormous hearts, they will spread that wealth around by creating high-paying jobs for all the people willing to work (those people in urban areas just don't want to work).
They won't simply continue sending jobs overseas even though their profit margins are higher if they do. See, these people want Americans to pull themselves up by their own bootstraps. They want people to have more money and power. They have no interest in profit margins or stock prices.
Obama needs to keep America's mind on the problems we face and the solutions we need, McCain needs to keep it on culture and lipstick issues. I vote with my mind so I think you know which way I am going.
Just more blame-game from Earmark Joe. Joe is at the bottom of every poll of the big four (McCain, Obama, Palin, and Biden) when it come to questions of likability, person you most identify with, who you would want to sit down with, etc. It isn't even close. He's not just a drag on the ticket, he is an anchor around Obama's neck. And he's getting more shrill by the day. Obama's only executive decision of the last decade is a bust in just 3 short weeks.
bj, bj, don't fall for the insinuation that the Democrats are running Congress. Until they have a veto-proof majority, they aren't running anything. Plus Pelosi was on the Gang of 4, so she was complicit in the FISA and torture mess, thus no impeachment. Now for the first 6 years, your REPUBLICANS were int hat very position, and what exactly did they accomplish, but allowing the billions of money to go down the Iraq drain and into the hands of terrorists, deregulating these mortgage banks and letting them give loans to people with no jobs, and allowing Bush to run roughshod over the Constitution. But, that's OK, blame it on the Democrats. Not this time, buddy. This one is right in the lap of Bush, McCain, and the Republicans. If one of them would stand up and accept blame, maybe a modicum of respectability could be returned to McCain, but I am not holding my breath.