"We have to spend money to keep from going bankrupt."

The one bright spot in the long, dark night (if I can say that without being accused of racism) into which America has slid it is the Administration’s idiot savant, Vice President Joe Biden. Today CNSNews (obligatory h/t to Drudge) reports on Biden’s appearance at an AARP sponsored “town hall” meeting in Alexandria, VA, in which Biden clearly articulates a previously undiscovered economic principal: you can spend your way out of bankruptcy.

“We’re going to go bankrupt as a nation,” Biden said.

“Well, people when I say that look at me and say, ‘What are you talking about? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, I’m telling you.”

(I’m sure video will appear in the future but for the moment there is only audio.)

The American Spectator picks up on another Biden instant classic:

Biden noted that Medicare and Medicaid, unless changes are made, “will eventually grow larger than what our government spends on everything else in the world combined.”

The Washington Post, unsurprisingly, refuses to report Biden’s blindingly stupid statements, but even their supportive coverage contains the certifiably bizarre.

“We’re doing things that we know are going to save you, your children and your grand children billions of dollars over the next years. But we’re not able to prove it,” Biden said. He said the Obama administration has studied the effects of their proposed reforms and that reports have shown that the plan will save money.

“We’re not going to increase the deficit. By covering more people you’ll save money,” he said.

Biden’s airy dismissal of everything humans have learned about economics since Eve opened a discount fruit stand is funny until you realize this actually reflects the administration’s fiscal policies.

They are, indeed, attempting to spend their way out of a financial mess largely of their own making. They have presided over the destruction of billions of dollars of capital and thrashed a century or so of bankruptcy law in their nationalization of GM. Now they are intent on destroying any free market solutions to providing health care.

Ultimately, they will find that basic priniciples of economics can no more be defied than basic principles of physics. Tremendous damage will be done to our economy and our social fabric in the interim but one can’t expect achieving a dictatorship of the proletariat to be painless I suppose.