Biden: We're Going Bankrupt

Biden: We're Going Bankrupt


“Folks look, AARP knows and the people with me here today know, the president knows, and I know, that the status quo is simply not acceptable. It’s totally unacceptable. And it’s completely unsustainable. Even if we wanted to keep it the way we have it now. It can’t do it financially. We’re going to go bankrupt as a nation. Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’ The answer is yes, that’s what I’m telling you.”
(7/16/09 – Virginia, AARP Health Meeting)

Did he really just say that? We’re going to go bankrupt as a nation… and that the only real plan is to spend our way out of it?

For political pundits, Biden’s gaffes are the gift that keeps giving. These assurances do precious little to make us feel secure. It’s a tough position to be in…having to applaud this experiment in taxpayers’ dollars, when there is no calculable evidence that the economy is any better off now than it was before. The White House’s approach seems to point out the small, anecdotal “success” stories — a plant opening here, a plant opening there.

Yet, these efforts are hardly impressing the local people directly affected, so why would the rest of the nation care? We need jobless rates and foreclosure rates to go down, period. We need the stock market to climb and we need price stability in our markets.

Read more Biden quotes and gaffes from this week here.

  • John C. Randolph

    That’s Talky Joe for you. One caboose short of a train. I guess we should be glad that he’s so thoroughly incompetent that he would come right out and say this; makes it that much easier for anyone opposing the government’s plan to turn this recession into the second great depression.


  • Tully

    Xerox Joe, the original Gaffe-O-Matic.

    “Hey, honey, we’re going broke spending so much, so let’s take out a couple more mortgages! That’ll get us over the hump!”

  • ExiledIndependent

    But for the stock market to rebound, evil corporations have to make a profit….

  • Seriously

    Folks… Biden is actually telling the truth, something that is rare in our culture. We do have to spend in the short run to save the artificial mechanisms of our economy. Anyone who has worked on an MBA or econ degree would agree with this – the basic premise is the same that leads to inflation, credit, pay raises and macro economics.

    Now, I will not disagree that Biden says things in ways that, well, could be improved, but can we grow up and focus on the meaning and not the messenger? Otherwise, ‘is our children learning’ and ‘potatoe’…