Biden...he's kidding right ??

[PocketProtector]

http://www.cnsnews.com/public/conten...x?RsrcID=51162

Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’
Thursday, July 16, 2009
By Penny Starr, Senior Staff Writer


Vice President Joe Biden (Photo by Penny Starr/CNSNews.com)
(CNSNews.com) – 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 with 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.” (Listen to Audio)

The event, sponsored by the AARP – which supports the Obama administration’s plan – was attended by mostly AARP members who were bussed in for the meeting.


Biden took time from answering questions to chat with a member of the audience, who were mostly members of the AARP. (Photo by Penny Starr/CNSNews.com.)
Biden told the group that the Obama health plan will not eliminate people’s ability to choose their health care insurance and that people who cannot afford insurance will be covered by the plan.

“They’ll be a deal in there so there’s competition, so what you’ll have in there is you’ll have the ability to go in there and say, ‘Now look, this is the policy I want. This is the one,” Biden said.

“And those people who can’t afford to get in there, up to a certain income, we’re going to subsidize them, you get in there and we’ll help you pay for it,” Biden said.

[Bug44]

haha those crazy Dems... Let me put that into practice... I will buy a new gun every week... After a while I will go bankrupt... Then I will sue the GOV for telling me false information, and making me poor... Their master plan worked! BUT on the flip side I will have a great collection...

[H.E. Pennypacker]

I wonder if he's a GOP plant.

[addicted2freedom]

Keynesian economics. It's been around for years. It's been practiced by _ALL_ politicians.

[ccphilly1984]

i heard about this on glenn beck's tv show today and rush's radio show (with awesome mark davis filling in) my jaw almost dropped. this guy must think these seniors are stupid...

[GHogHarvester]

What is to be expected from the village idiot?

Here is how all their spending has made us profitable.

First, every tax dollar collected comes from your pocket, directly or indirectly. Raising taxes on business only results in higher prices that you pay to make up the difference. Printing money devalues the dollar and inflates the cost of goods and services - acting just like a tax.

The US national debt is $11.4 trillion.
There are ~100 million households.
Per household, each owes $114,000 dollars.
The national debt is funded with bonds at 4.5%.
Amortized over 30 years, the annual drag on the economy is ~$700 billion for the next 30 years.
This is equivalent to the stimulus plan, in reverse, for 30 years straight.
$700 billion a year, requires and additional $7000/year per household in taxes.
11 million household make $100,000-150,000 per year and can survive $7000/year - that provides $77 billion/year.
3.5 million households make $150,000-200,000 per year and can survive $14,000/year - that provides $49 billion/year.
1.3 million households make $200,000-250,000 per year and can survive $28,000/year - that provides $36 billion/year.
1.7 million households make $250,000+ per year and can survive $35,000/year - that provides $60 billion/year.
That is $222 billion per year paid at the highest survivable rate by the wealthiest.
This leaves a $478 billion/year shortfall to be carried by the 29.2 million "middle class" households between $50,000-$100,000 per year income.
What will it cost the "middle class"? $16,000 per year. The most they can bear is around $3000/year, for a total of $87 billion.
This leaves ~$400 billion per year that has no possible way of being paid.

Total government revenues are $2.4 trillion/year.
Even if the government taxes the wealthy and middle class to the limits of their survivability, the federal budget must be balanced then reduced by $400 billion (20%).
For the debt to be repaid without raising taxes to their limit of survivability, the federal budget must be balanced then reduced by $700 billion (30%).

Given the money we have made from them spending so much money, we are all stinking rich. Which way to the soup line?

[1861]

Change y'all can believe in !

[thatJeffguy]

The thing that blows my mind... people are surprised about this!

No shit! Leftist Democrats want to fix America by redistributing wealth from the hard-workers to the lazy. Who's surprised here?

[addicted2freedom]

The thing that blows my mind... people are surprised about this!

No shit! Leftist Democrats want to fix America by redistributing wealth from the hard-workers to the lazy. Who's surprised here?

Deficit spending is independent of political party. Anyone whom believes otherwise has their head in the sand.

[GHogHarvester]

Deficit spending is independent of political party. Anyone whom believes otherwise has their head in the sand.

Absolutely true. Equally true is it must stop now.