Jake Towne: Lessons from GreeceSubmitted by legalizeliberty on Tue, 06/08/2010 - 10:23
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.