Biden: We're Going Bankrupt
â€œFolks 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. Itâ€™s totally unacceptable. And itâ€™s completely unsustainable. Even if we wanted to keep it the way we have it now. It canâ€™t do it financially. Weâ€™re going to go bankrupt as a nation. Now, people when I say that look at me and say, â€˜What are you talking about, Joe? Youâ€™re telling me we have to go spend money to keep from going bankrupt?â€™ The answer is yes, that’s what Iâ€™m telling you.â€
(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.