Carmel, IN —- 5th District GOP congressional candidate Brose McVey today unveiled an ambitious initiative to educate voters about the urgent crisis created by the federal government’s exploding $12.3 trillion federal debt. McVey, a Republican businessman from Hamilton County, announced the first flight of dozens of town hall-style forums he will organize to educate the public, seek input and outline his agenda to address what he calls “a crisis that can no longer be avoided.”
“In the greatest ponzi scheme of all time, elected officials of both parties have rung up a debt this country simply cannot repay under current practices. We owe much of that debt to our own people, to whom we’ve promised Social Security, Medicare and other benefits,” said McVey. “This tragic record of fiscal irresponsibility over the past several decades now makes all other issues seem meager in comparison,” said McVey.
“This is the issue that trumps all others,” said McVey. “Without urgent measures in the next few years, we are headed for an economic meltdown, the likes of which this nation has never experienced. We have to alert the public to a $12.3 trillion tab owed to bond holders and tens and tens of trillions in unfunded obligations that Washington has amassed on our behalf. We will have to summon unbelievable courage if we are to avoid a devastating collapse,” said McVey. “We will have to save this country one Congressional District at a time, and I want the leadership on this matter to start right here, right now,” McVey continued.
“Your personal priorities on education, health care, Social Security or the war on terror will no longer matter if we don’t attack this fiscal cancer. Social Security, Medicare, pension protection and FDIC insurance are all backed up by paper IOU’s, and there is no money in our nation’s pipeline to pay for them,” said McVey.
“It is clear that we have made no provisions to meet our obligations in the coming decades. Soon, Wall Street, foreign investors and purchasers of US Treasury debt will begin to react,” said McVey. “Now is the time to turn the debate in America to this issue, and I will begin that process through my campaign over the next four months.”
McVey challenged Indiana’s congressional delegation to throw down the gauntlet this month.
“In a few days, Congress will debate another trillion dollar charge to our nation’s credit card,” said McVey. “Statesmen of both parties need to stand up now and say “no more debt”. Instead, let’s begin debate on massive cuts in spending.”
McVey will make a detailed, in depth presentation on the nation’s public debt, offer a three-part approach to avoid the worst-case catastrophe, and seek public input in an exhaustive series of forums across the 5th District, beginning January 21st.
The schedule for the first flight of forums, called “The Coming Storm: Can America Survive the Debt Crisis”:
| Date | Location | Venue | Time |
| Thursday, January 21st | Peru, IN | Peru Public Library | 5:30 – 7:00 p.m. |
| Wednesday, January 28th | Fortville, IN | Vernon Township Public Library |
5:30 – 7:00 p.m. |
| Saturday, January 30th | Tipton, IN
North Manchester, IN |
Tipton County Library
Manchester College, Hoff Room Upper College Union |
8:30. – 10:00 a.m.
1:00 – 3:00 p.m. |
| Thursday, February 4th | Marion, IN | Roseburg Event Center |
5:30 – 7:00 p.m. |
Additional dates and location available on the website at www.BroseMcVey.com
Facts about the federal debt:
Debt owed to foreign holders of US Treasury securities: $3.5 trillion
2008 federal outlays to pay interest on debt: $451 billion
2009 federal outlays to pay interest on debt: $383 billion
Unfunded liability to Social Security: $14 Trillion
Unfunded liability to Medicare: $92 Trillion
Unfunded liability per citizen: $346,600
On-budget debt per taxpayer: $113,000 each
On-budget debt per US Citizen: $39,881 each
Nominal debt/annual GDP: 84%
For more on the national debt, go to: www.usdebtclock.org and www.treasurydirect.gov
For more about Brose McVey for Congress, go to www.brosemcvey.com
