Okay, lets be fair to Biden.  We all know he's a complete idiot.  And we all know he was picked as the Vice Presidential candidate because "whitey" don't come any whiter than Joe Biden.  He wasn't on the ticket because of his brilliance of speech or quickness of mind. 
Given that, when he spurts out something like ""We know some of this (stimulus) money is going to be wasted," you want to just say "Thats Biden!" and forget about it. 
But is it really that simple?  The idea that certain stimulus funds will be wasted truly depends upon one's meaning of the word "wasted".  Given Biden's prolific bribe taking while he was in the Senate, and given Obama's Chicago thug politics background, what exactly does Biden mean when he says that the stimulus money is bound to have some "waste"?  He could very well mean that when the money goes to cronies, when it goes to die-hard Democratic Party voting blocks like unions, when it goes to Democratic Party vote fraud machines like ACORN, it's not wasted.  But when it goes to things like creating jobs that won't necessarily get an assured vote in 2010 and 2012, then it is wasted. 
Think about it.  I can assure you that the minute you spend thinking about it, is 59 seconds more than what Biden spent thinking about it.