By Zach Foster
“Congress should act to remove taxpayer support from the housing GSEs before the bubble bursts and taxpayers are once again forced to bail out investors who were misled by foolish government interference in the market.”
--Ron Paul, September 10, 2003 (four years before the housing bubble burst)
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It is clear that Ron Paul understood economics better than most, if not all, members of Congress, and following his advice probably would have averted many of the terrible economic situations many Americans find themselves in today. Congressman Paul knew that excessive spending, dishing out artificial credit, and government manipulation of free market practices led to the current economic recession which many are calling the Second Great Depression.
Dr. Paul’s extensive knowledge of solid economics, driven in part by his partnership with great economists like Ludwig Von Mises and Murray N. Rothbard[1], can help the country get back to a solid financial footing. His solutions will not be overnight remedies as promised by the current administration and even some of the Republican contenders.
As President, Ron Paul would veto any unbalanced budget Congress sends him. This practice would put in check the recent trend reflected both in the federal and various state governments of legislatures passing budgets with huge deficits. Deficit is merely a nicer word for incurring extra debt and without a plan for paying it off.
Ron Paul would eliminate reckless and unconstitutional government departments. If anything, this would achieve a major pillar of Republican ideology by SHRINKING the size of the federal government. Not all sections of various departments of various branches of government are necessary for running the country, and many of these departments serve only as red tape that either hinder economic growth or restrict individual liberties, or even both. The last two Presidential administrations have been growing government faster than underground farmers grow marijuana in Humboldt County. Even George W. Bush, the so-called maverick conservative, added 7,000 pages of new federal regulations over business and the economy, and even began opposing free trade by imposing tariffs on various imports.[2]
Ron Paul will not raise the debt ceiling. He understands that raising the debt ceiling only furthers the country’s already out of control debt and puts the country in an even more precarious position should any of its creditors come knocking (ever heard of China?). Government spending must be limited just the way credit card companies limit spending of careless clients who can’t pay their credit card debt. The average credit card delinquent’s debt is in the tens of thousands. The federal government’s debt is in the ball park of FOURTEEN TRILLION.[3]
Ron Paul would work to fully audit and then abolish the Federal Reserve. The basic fact that damn the institution is that the Federal Reserve is only a quasi-governmental institution that can manipulate interest rates and the value of money without consulting any government authority. Furthermore, every dollar that the federal government wishes into existence is PRINTED by the Federal Reserve and LOANED to the federal government with INTEREST FEES. Basically, every dollar the federal government creates, it’s already in debt for. Does anyone see a problem with this??? Congressman Paul makes an initial case for this in his 2008 book The Revolution, and outlines an excellent plan to end the Fed and restore the value of American currency in his book End the Fed. These ideas are justified and the economic theories confirmed by celebrated economist Murray N. Rothbard in his books The Origins of the Federal Reserve, The Case Against the Fed, and What Has Government Done To Our Money?.
Ron Paul would oppose all unnecessary regulations on small businesses and entrepreneurs. He knows that, unlike the careless and parasitic mega-corporations and huge banks that have stained the good reputations of capitalism and the free market, small businesses and entrepreneurs are the lifeblood of the American economy. By creating jobs for themselves and others, small businesses and entrepreneurs leave other jobs open for other people and raise the number of employed citizens who work, earn, save for their retirement so they don’t have to sponge off the public coffers, and best of all, they spend most of their earnings on consumer goods like housing, cars, and food, thus stimulating the local and national economies.
Ron Paul would fight for lower taxes. He strongly believes that hard workers should be able to keep what they earn rather than have the money robbed from their paychecks when only some of it will actually go to good things like roads and schools, while most of it will be blown on fruitless multi-billion dollar domestic programs, the wars in Iraq, Afghanistan, Libya (and Yemen too?), and generous foreign aid packages. The author wrote in an earlier article:
“Walter E. Williams, distinguished Professor of Economics at George Mason University and syndicated columnist, explains how tax cuts on big business benefits the middle class. ‘If a tax is levied on a corporation, and if it is to survive, it will have one of three responses, or some combination thereof. One response is to raise the price of its product, so who bears the burden? Another response is to lower dividends; again, who bears the burden? Yet another response is to lay off workers. In each case, it is people, not some legal fiction called a corporation, who bear the burden of the tax.’ What this also means is that when big businesses are taxed less, profits are higher and more disposable, therefore jobs are created, prices don’t rise, and wealth is spread more liberally and plentifully…”[4]
Ron Paul is the candidate who has a solid voting record and solid qualifications in virtually every sector of political issues Americans are debating about. Ron Paul’s Presidency can lead the country back to prosperity[5] while protecting and preserving civil liberties and abiding strictly by Constitutional law. Visit RonPaul2012.com for more details on his platform.
Image courtesy of Wikimedia Commons
[1] Paul, Ron. End the Fed. Chapter 3. Grand Central Publishing. September 2009.
[2] Tanner, Michael. Of Course That Implies He Has Principles. Cato Institute. http://www.cato-at-liberty.org/of-course-that-implies-he-had-principles/
[3] Federal Debt Limit (Debt Ceiling). The New York Times. June 2011. http://topics.nytimes.com/topics/reference/timestopics/subjects/n/national_debt_us/index.html
[4] Foster, Zach. The Failure to Vote on the James Zadroga 9/11 Health Bill. The Political Spectrum. December 2010. http://political-spectrum.blogspot.com/2010/12/failure-to-vote-on-james-zadroga-911.html
[5] Restore America’s Prosperity. http://www.ronpaul2012.com/wp-content/uploads/wpsc/product_images/RP-Economy-SJim.jpg
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