Thursday, July 8, 2010

My Letter to National Review re: $130 trillion debt

Subject: $130 trilliion debt
Date: Thu, 8 Jul 2010 18:22:47 -0400

Re: The Other National Debt by Kevin D. Williamson

Dear Sirs:
Kudos to Kevin D. Williamson and NR for "telling it like it is", in the immortal words of Howard Cosell, about the REAL state of our nation's finances. It is clear that the national debt cannot be paid in anywhere near the purchasing power of today's dollar. To try to do so would require the imposition of such high taxes that the productive sector of the country would revolt. To so debase the dollar so as to pay the debt in nominal terms only would be to create hyperinflation. Mr. Williamson gives a hint to our salvation, though. The federal government has NO constitutional authority to run a pension system or a national healthcare system. Both are unjust, and, as is the case whenever an injustice is recognized, both should be terminated immediately. Either that or national economic chaos. I choose the former.

Patrick Barron

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