LibertyPulse.com
06-08-2010, 08:51 AM
http://towneforcongress.com/economy/lessons-from-greece/
Below is the rough transcript of some remarks I made at the campaign’s successful fun-raiser at the American Sandwich Company in Coopersburg on June 6, the 66th anniversary of D-Day. More details on the fundraiser in tomorrow’s post. The event began with a moment of silence for veterans, especially the 5,490 soldiers who have died so far in Iraq and Afghanistan.
“Today we face a D-Day of a different sort, and while there is still war, the causes are economic. At the last Towne Hall, I presented “The Economy in Pictures” where I demonstrated that unemployment is >>17%, 1 in every 8 Americans is on food stamps, the FDIC that “insures” bank accounts is hopelessly insolvent, and the true national debt is really $120 Trillion – when the $13 trillion in US treasury debt is added to the unfunded liabilities of Social Security and Medicare - a vast sum that is best put into personal terms as $400,000 for every man, woman, and child in the United States. At this point, even if the government were to tax 100% of each citizen’s dollars and properties, there still would not be enough to theoretically pay off this debt.
The plan the country should follow is very similar to an engineer solving a problem, or a doctor treating a bleeding patient. First we must contain the problem, then determine root cause, then take corrective actions. The steps are easy and simple enough, though this doesn’t mean Congress will follow them. Let me recap.
http://towneforcongress.com/economy/lessons-from-greece/
Below is the rough transcript of some remarks I made at the campaign’s successful fun-raiser at the American Sandwich Company in Coopersburg on June 6, the 66th anniversary of D-Day. More details on the fundraiser in tomorrow’s post. The event began with a moment of silence for veterans, especially the 5,490 soldiers who have died so far in Iraq and Afghanistan.
“Today we face a D-Day of a different sort, and while there is still war, the causes are economic. At the last Towne Hall, I presented “The Economy in Pictures” where I demonstrated that unemployment is >>17%, 1 in every 8 Americans is on food stamps, the FDIC that “insures” bank accounts is hopelessly insolvent, and the true national debt is really $120 Trillion – when the $13 trillion in US treasury debt is added to the unfunded liabilities of Social Security and Medicare - a vast sum that is best put into personal terms as $400,000 for every man, woman, and child in the United States. At this point, even if the government were to tax 100% of each citizen’s dollars and properties, there still would not be enough to theoretically pay off this debt.
The plan the country should follow is very similar to an engineer solving a problem, or a doctor treating a bleeding patient. First we must contain the problem, then determine root cause, then take corrective actions. The steps are easy and simple enough, though this doesn’t mean Congress will follow them. Let me recap.
http://towneforcongress.com/economy/lessons-from-greece/