WASHINGTON (CNN) – In an exclusive interview with CNN, Vice President Joe Biden said Friday he believes the economy has "hit bottom" and he's confident the stimulus package is helping to put the economy back on track.
"Oh I'm confident we've hit bottom," Biden said. "The question is look, we're not going to be satisfied, Ed, until I'm able to sit in front of you and say, 'Look, this month we grew jobs.'"
The vice president acknowledged that with unemployment at 9.8 percent across the country right now, it is hard to convince the American people the nation is coming of out of recession. Biden made his comments on a day in which he released a new report claiming the stimulus has created or saved somewhere between 640,000 and one million jobs.
"The net effect is growing jobs," said Biden, though he quickly acknowledged: "It doesn't say a lot to people to say, 'You know there would have been a million more ... jobs lost but for this [stimulus]. My grandpop used to have an expression... We lived in Scranton, Pennsylvania.
He said when the guy in Dixon City, a suburb, is 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. And it's a depression for millions of people."
Biden added there's a "necessary disconnect when people are out of a job," but he asserted that the recent report showing that the Gross Domestic Product has grown 3.5 percent in the last three months shows the recovery plan is working.
"Every expert out there has said... - and you know this - is that in a large part is attributable to the stimulus package," said Biden. "Put another way, without the stimulus package, the economy wouldn't have grown this last quarter."