September 16th, 2008
08:00 AM ET
6 years ago

Biden blames Bush, McCain for 'god-awful economic mess'

Biden appeared on CNN's American Morning Tuesday.
Biden appeared on CNN's American Morning Tuesday.

(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.


Filed under: Joe Biden
soundoff (242 Responses)
  1. sigh

    Anyone who blames the Democratic-controlled congress has not been paying much attention. It's not as though these economic problems started 2 years ago when they got the slim majority in Congress. You have to remember that the Republicans had been in control for the six years prior to that.

    I don't know that either candidate has the answer, but McCain has had 26 years to put all of his good ideas into play and hasn't for the most part. Let us try something new.

    Obama/Biden 08

    September 16, 2008 10:35 am at 10:35 am |
  2. La Raza

    Any McCain supporters out there? Please raise your hand.

    September 16, 2008 10:35 am at 10:35 am |
  3. Female Voter

    I love how the Dems are so delighted at anything bad that happens in this country. For them is it an "opportunity" They want things to go bad in Iraq so they can gain politically, they want the economy to suffer so they can gain politically, they went on vacation and refused to do anything to solve this energy crisis. Speaker Pilosi even went so far as to turn the lights off and the cameras off when some members of congress attempted to stay and actually work on the problem. Thier initial thought after 9/11 as referenced by an actual memo saw that as an opportunity to gain politically. You need to ask yourself what kind of people want the American public to suffer so they can have something to complain about but never fix. Never have I seen a group of people so invested in America's defeat.

    September 16, 2008 10:35 am at 10:35 am |
  4. MurphyMorseJohnson

    On the day the dow jones dropped 500 points, McCain said our economy is strong–it's great! Less we forget the hundreds of thousands of Americans who lost their jobs this summer due to the Republican/Bush economic program of outsourcing. Less we forget McCain has agreed with Bush/Republican economics 90% of the time. What McCain said yesterday showed real Republican character–that is, fundamental insensistivity–and was an insult to every suffering American wage earner.

    September 16, 2008 10:37 am at 10:37 am |
  5. McCain for Pres.

    When George Bush was first elected President we were going into recession and he pulled us out. The economy was good until the democrats got control.

    September 16, 2008 10:38 am at 10:38 am |
  6. M.B. from Berlin FOR OBAMA

    yeah Joe, wtg. Move on, you and Barack. Johnny McSame had his week when the georgia crisis broke out.
    Now that week is YOUR chance to show your experience and strength, Joebama :) You have to use it and grill team "McFailin"

    September 16, 2008 10:38 am at 10:38 am |
  7. Vic of New York

    Here's the story: It's NOT "income redistribution" the way Republicans would have you believe. It's all about paying your fair share.

    Here's what REALLY happens and why the Repulicans aren't telling the truth:

    Most executives don't get paid much over $250,000 in W2 wages (i.e. "cash comp"). Where they really make money is non-W2 compensation. So an executive might get $250,000 cash comp (on which he pays taxes) and another $1.5 MILlION in "capital distribution". That's stuff like stock grants, stock options, and variable annuity life insurance. THAT STUFF THEY DON'T PAY TAXES ON because it's considered "unrealized capital gains".

    THEN when they cash in on those stocks they ONLY pay 15% taxes as opposed to the 30% you and I pay!

    It gets a lot more complicated, enough to spin most heads which is why your everyday Joe can't think about it. BUT make no mistake – these people have figured out how to game the tax system. That' why they are Republicans and that's why Republicans have so much vested in DUMMIMG DOWN the real tax issue.

    SO it's not about income redistribution at all... IT'S ABOUT STOPPING THESE CROOKS FROM RIPPING OFF THE REST OF US!

    September 16, 2008 10:38 am at 10:38 am |
  8. Sarah

    Deregulation happened on the GOP watch. This is a Republican mess and only a Democratic administration can fix it. McCain is toast.

    September 16, 2008 10:38 am at 10:38 am |
  9. Barbara - NC

    What ever happened to the McCain that said "I'll veto every beer .."

    What ever happened to the McCain that said "I'll veto every earmark .."

    Now he says "I'll veto the 1st earmark and make them known .."

    Only the 1st one John? Which ones will you let go thru? Any for the 600,000 residents of Alaska? How about the ones for the 300 million people that live in our decaying society? No? OOPS.

    But then, "We'll never have to go to war for oil AGAIN ......."

    Take our country back for US – Obama/Biden '08

    September 16, 2008 10:38 am at 10:38 am |
  10. Annie

    The American worker is being left out in the cold because the tax breaks given to the corporations during Bush's term allowed them to go set up shop in China or India, pay the workers $2 an hour, and forget about the trickle down to the American worker part. It's called rampant greed and the Republicans figured out a way to legislate it and sell it to us without our even knowing. We were too busy living our busy lives to notice what they were up to until it was too late. We need to re-engage.

    September 16, 2008 10:38 am at 10:38 am |
  11. Sean

    To Obama/Biden,

    I am planning to vote for Nader/Gonzalez because they know what's wrong with America, they know how to fix it, and Nader has historically shown that he knows how to follow through with justice against corporate fraud and abuse. Your only hope against the republican deception is to adopt Nader's principles, finger point at Bush's republican supported vetos, show the people what's broken and how we can make it right, and never let up on exposing republican/Bush/lobbyist ties. If you go soft and become spineless against McCain/Palin this will become a repeat of '04. Don't let up, even if the republicans do, and adopt every philosophy possible from Nader/Gonzalez. If they had the celebrity of your campaign (or we actually had a fair democratic process) they would already be destroying the opposition in the polls.

    September 16, 2008 10:38 am at 10:38 am |
  12. carlo

    If the Democrats don't have enough votes to override a presidential veto (which they don't have and haven't had for 2 years), they DO NOT get to change anything. Bush is the veto king. My goodness, people, are some of you really this dumb?

    This is how Lehman Bros. goes belly up and the CEO gets a $100 million dollar welfare check. It's only okay if you're Republican and rich.

    September 16, 2008 10:39 am at 10:39 am |
  13. Mike

    Thank you, Joe. I guess the question is: Do I or (we) want four more years of the same ? I don't. Mike, Montana

    September 16, 2008 10:39 am at 10:39 am |
  14. banderson

    I wish that some of these people who keep stating that the Democrats are in charge of both houses of Congress would pay attention to the fact that in the Senate it is a one seat majority with Judas Joe Lieberman holding the swing vote. So if people would truly educate themselves they would know that the Democrats are virtually paralyzed with such a small lead. In the House there is only a twenty something member lead which is still not sufficient to get anything done when the Republicans are constantly filibustering. Wake up America!!!

    September 16, 2008 10:39 am at 10:39 am |
  15. INDEPENDANT VET

    WHILE JOE IS TRYING TO STIR UP A POT OF MORE LIES . WHY DOES HE NOT JUST SHUT UP , FOR HIS OWN POT IS BOILING OVER . WITH HIS TIES TO PRO IRAN FUNDING OF HIS OWN CAMPAINS. NO MATTER HOW HARD HE SCREAMS . THAT WILL NOT GO AWAY . JUST LIKE TOP DOG , AN HIS TIES TO A SAUDI PRINCE THAT FUNDED HIS SCHOOLING .

    BETTER YET IF JOE WANTS TO DIG , PLEASE , PLEASE HURRY UP AND FIND BARRACK HUSSIEN OBAMA SR'S BIRTHCERTIFICATE . SO FAR ALL THAT HAS BEEN SHOWN IS A FAKE , NO DR'S SIGNATURE , NO OCCUPATION OF PARENTS . AN LAST THEY SCREWED UP THEY HAD 2008 AN WRONG KIND OF PAPER IT WAS PRINTED OUT ON , THEN HE TRIED HIS HALF SISTERS. ALSO HIS FATHER WAS NOT DIVORCED , AN HIS MOTHER WAS ONLY 17 WHEN HE WAS CONCEIVED . SOME SAY SO WHAT . AN I AGREEE . BUT IF HE IS NOT A CITIZEN , HE CAN NOT BE PRESIDENT . SO JOE GO TO WORK AN FIND THAT BIRTH CERTIFICATE . NOW YOU HAVE YOUR DAYS WORK CUT OUT . AN REPORT BACK WITH IN 24 HRS. .

    UNTIL THEN , DRILL BABY DRILLL MAVRICKS ALL THE WAY

    September 16, 2008 10:39 am at 10:39 am |
  16. CARMINE

    come on now! give me a break! obama and biden have a cure for everything! dont show up and dont vote! YOU HAVE GOT TO BE KIDDING ME!

    September 16, 2008 10:39 am at 10:39 am |
  17. ANGIE

    CNN PLEASE REPORT ON HOW MCCAIN WILL TAX YOUR HEALTH INSURANCE in a mccain admin if your employer provides healthcare and you pay weekly mccain will tax it like income!

    September 16, 2008 10:40 am at 10:40 am |
  18. Sherry in SC

    To Tashekor: To be quite frank, Hillary has lost the respect of many of her supporters because she falls at the feet of the DNC, Nobama, Reid, Pelosi, Dean, etc – so whatever last name you want to give her is ok. She should have distanced herself from the crooks and crannies of the DNC when they selected Nobama. There is no way she could ever gain any respect now – she sold it to the DNC.

    And to answer your questions about S.C........SOME of us are intelligent enough not to vote for someone because of the color of their skin. We vote for someone because they have the intelligence to run a nation, not run yellow-bellied from terrorists and countries that would love noting more than to destroy the US. They have almost succeded in ruining us financially which is right where they want us. Wake up people. Obama will destroy what is left of the US. Vote mature – McCain/Palin 08

    September 16, 2008 10:40 am at 10:40 am |
  19. jr california

    hey SHERRY in SC, your blatant racism is freaking everybody out, go back to south carolina and wait for the next klan meeting. maybe in 2012 the grand dragon or wizard or whatever will run and you can vote for him.

    September 16, 2008 10:41 am at 10:41 am |
  20. Foreign observer

    Democrats for the economy and Republicans for the war. Vote Democrat for the better economy and better America. America and holeworld suffering from Republicans. Boycott McCain Palins propaganda, boycott media propaganda including CNN. CNN loves McPalin. Just boycott them for our future.

    September 16, 2008 10:41 am at 10:41 am |
  21. Matt

    and Gas Bag Biden, who has been in the senate since Harding was president, has no responsibility???

    It is the entire government that is at fault – reps/dems/inds – the whole crowd for letting companies and people think the government will protect them from themselves and then bail them out when all else fails. A free market economy should allow for businesses to fail when they foul out – Enron, Lehman Bros. , Bear Sterns, etc.

    September 16, 2008 10:42 am at 10:42 am |
  22. fixthebroken

    BJ apparently doesn't know much about civics, including veto and filibuster proof majorities.

    I guess he also doesn't realize that the Republicans controlled Congress for 12 years before then, with 6 of those joined with a Republican White House.

    Anyway, BJ, you can go ahead and live in your denial state.

    Jeez, vote for McCain if you want. But don't start thinking this is all the Democrats' fault.

    September 16, 2008 10:42 am at 10:42 am |
  23. Ron L

    Whether you like it or not there are TWO main reason we are in the mess..
    1) Tax breaks for the very rich, and launching a costly war at the same time.. It was just DUMB. It would be like one of us buying a very expensive house and then leaving a $20.00 an hour job to go voluntarily to a $15.00 an hour job.
    2) McCain economic adviser (then Senator) Phil Gramm slipped in a change to how mortgages could be traded on a larger legislative package. This opened the door to potental higher profits, which caused many lenders to start loaning to many individuals THEY KNEW could not really afford the homes. Once the economy slowed down a little and people found out MANY of them had signed onto low interest mortgages that would soon add 3 to 4 percentage points a year or two later the BOTTOM FELL out.
    The combination of these two actions led to this mess.

    September 16, 2008 10:42 am at 10:42 am |
  24. Independent-Latina-for-OBAMA

    GO GET 'EM, JOE! TELL US WHY WE CAN NOT AFFORD MORE OF THE GOP!

    @ Rusty: hey, dude, ITS BUSH/CHENEY/MCCAIN/GOP........WHOM HAVE MESSED UP..........WHOM HAVE FAILED!

    THE REPUBLICANS HAD CONTROL OF CONGRESS FROM 1994-2006 (November 06) WHO IS TO BE BLAMED FOR ......EIGHT YEARS...... OF FAILURES??

    OUR NATIONAL DEBT IS.........$10 TRILLION......... OUR GOVERNMENT IS .........PRINTING MONEY! WE DO ........NOT..........HAVE MONEY.............TO SPEND ON.............BOMB..........BOMB............BOMB............IRAN!

    WHY CAN'T PEOPLE NOT SEE THAT OUR NATIONAL DEBT OF $10 TRILLION WHICH WE OWE TO...........CHINA...........SAUDI ARABIA (that would be the people who attacked us on 9/11!) and DUBAI..........IS A SCARY NATIONAL SECURITY PROBLEM!?

    WAKE UP AMERICA BEFORE IT IS TOO LATE..........IF IT ISN'T ALREADY!

    September 16, 2008 10:42 am at 10:42 am |
  25. alvino

    As the song goes, ". . .its so hard to understand, why the rich man is busy dancing, while the poor man pays the band."

    Obama/Biden 08!

    September 16, 2008 10:42 am at 10:42 am |
1 2 3 4 5 6 7 8 9 10