Today, Joe Biden made the audacious claim in reference to the Stimulus bill that “we have to go spend money to keep from going bankrupt.” From CNS:
Vice President Joe Biden told people attending an AARP town hall meeting that unless the Democrat-supported health care plan becomes law the nation will go bankrupt and that the only way to avoid that fate is for the government to spend more money.
“And folks look, AARP knows and the people witIh me here today know, the president knows, and I know, that the status quo is simply not acceptable,” Biden said at the event on Thursday in Alexandria, Va. “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,” Biden said.
“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?’” Biden said. “The answer is yes, that’s what I’m telling you.”
In other news, the Surgeon General warns in order to give up cigarettes, smoke more! I have to wonder if Biden even knows what he is saying any more. As much as Quayle was lampooned (and the press was merciless on that guy) Biden is in his own class. Even my leftist friends just chuckle and say “good ole Joe”, not realizing that he’s a national joke. I mean, thank the good Lord we didn’t get that idiot snowbilly Sarah Palin as our Vice President.
The laughs keep coming from Biden, “To those who say that our economic decisions ‘have not produced jobs, have not produced and simply have not worked’ I say, take a look around”. Heh, you sure you want me to do that Joe? Last week we lost 550,000 jobs and unemployment has gone up instead of down like you guys promised. Yeah, I’m looking around and so is the rest of the country, we don’t like what we see.
July 16th, 2009 at 4:50 pm
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July 16th, 2009 at 6:08 pm
This guy doesn’t know a thing about money, because he’s stupider than a monkey. I mean saying we have to spend ourselves into bankruptcy to avoid bankruptcy. That’s why I support the Gold Standard to avoid debt and big government. Simple because the people wont stand for high taxes and they wont allow it. Now overall obama must be pissed by picking him.
July 16th, 2009 at 8:48 pm
I don’t know if going back to the gold standard is the right solution or not, but ceasing to spend money like drunken sailors would be a good start. There is a reason the dollar is doing so poorly now, it’s because the “full faith and credit” of the US isn’t worth crap. What do you think the Chinese are going to do if we pass this universal health care? Why would they invest more money in T-bills when it is increasinly likely that the government won’t have the ability to pay the debt or we’ll simply just monetize it all (e.g. print more money). Inflation is going to get much much worse.
July 17th, 2009 at 12:00 am
spending money to make money is not a new concept … it all depends on what you spend it on.
when fdr spent money on the tva, many other projects that produced tangible items, and yes even ww2 … truman, ike, jfk, lbj, reagan, and bush 1 & 2 all had a lot of government spending and good economies. they spent money on things that were tangible and required companies to hire people, suppliers to supply parts, and researchers to invent new things.
obama’s problem is that he is spending vast sums of money on things that really do not get this multiplier effect.
for example, massachusetts just added a whole bunch of new road signs with the stimulous money (speed limit signs). stuff like this does not spur the economy. no new factories had to be built, and they just used gov’t employees to put them up — as opposed to filling in pot holes.
ok … yes it required a little more metal to be ordered, but that was likely offset by government waste — such as all the people delayed in getting to work because the gov’t employees shut down lanes on the highways to put the signs up or who damaged their cars in potholes that the gov’t employees otherwise would have repaired.
that is the problem with much of obama’s stimulus plan … he does not actually want to make anything, buy anything or sell anything.
July 17th, 2009 at 12:13 am
“I don’t know if going back to the gold standard is the right solution or not”
well, here let me help, it is not.
such a move would be a disaster for the economy. the united states economy alone is far bigger than all the gold that has ever been mined in all of human history. there is simply not enough gold on reserve to satisfy the world’s monetary needs.
July 17th, 2009 at 2:19 pm
Lisab:
Well first off you don’t understand the Gold Standard very well. And we don’t have to use just Gold we could use anything to back up the currency. Granted you would never use Gold and Silver and the same time, because the value of the two dollars would change as time goes on. Also we eliminate almost all inflation which is the real reason why were constantly complaining about the prices of objects. Now a lot of people say that there would the problem your talking about yet most people in politics against this idea don’t find that a problem, because there are ways to work around it. Truth be told I don’t know how to prevent this problem yet, but a lot of people say it wont be a problem.
Bryan:
Well the Gold Standard is a good idea, because it eliminates inflation and we wont have any more deficits. Now to what you were saying about China and universal healthcare they must be pissed off. It’s like that person you loan $3,000 to and then they need more money so you give them it and then a year later they haven’t payed you back and there saying I’ll try to pay you back soon, but things are so hard right now I just had to pay $600 for my 5 year olds dance lessons and it’s going to be expensive to go on vacation this year. That’s what China thinks to universal healthcare and all of our other big government spending.