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V.P. Biden ’09: ‘We Have to Go Spend Money to Keep From Going Bankrupt’

By Craig Bannister | August 13, 2021 | 10:09am EDT
V.P. Joe Biden in 2009

While Republicans warn that President Joe Biden’s multi-trillion government-spending plans will bankrupt the nation, Biden claims they are merely “investments” – a philosophy he touted as Barack Obama’s vice president, when he declared that spending is actually the only way to avoid bankruptcy.

Back on July 16, 2009, while pitching the yet-to-be-passed Affordable Care Act (Obamacare) at an AARP town hall meeting, Vice President Biden said that the U.S. would go bankrupt unless it spends more:

“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.”

On Wednesday, Democrats passed a $3.5 trillion budget resolution and, with the help of 19 Republicans, a $1.2 trillion “infrastructure” bill.

According to the U.S. Treasury Department, the total public debt outstanding as of Aug. 9, 2021, was $28,427,651,083,061.54, or roughly $28.4 trillion.

At the 2009 town hall, Biden told AARP that the Obama health plan would not eliminate people’s ability to choose their health care insurance and that, if people can’t afford insurance, “We’ll help you pay for it” because “We’re going to subsidize it.”
 
A transcript of Biden’s claim, as reported by CNSNews.com on July 16, 2009, is presented below:

“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. 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.”

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.


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