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How a "Very Pessimistic" Ron Paul Would Fix the Economy

Posted Jul 16, 2009 11:20am EDT by Aaron Task in Newsmakers, Recession, Banking
Related: ^DJI, ^GSPC, SPY, DIA, XLF, GS, AIG
Congressman Ron Paul is "very pessimistic" about the state of the economy, largely because - from his view - the Obama Administration "continues to do the things that created the problem in the first place."

Long a proponent of small government and a staunch opponent of the Federal Reserve system, Paul's main point is that increased spending and higher deficits are not the solution to our problems, but their cause.

"You can take care of people, but never with a deficit, never by expanding the spending," the Texas Republican says in this exclusive video interview, taped in the Capitol Hill Rotunda in Washington D.C. "The more we do to interfere with the correction - the longer it lasts."

Had he been elected, Paul said he would be doing "a lot less" than President Obama and blames Keynesian economics - which advocates increased government borrowing and spending during times of duress -- for our nation's current ills.

While admitting a transition to what he views an "ideal society" won't be quick or simple, Paul's economic prescription includes:

  • Allowing bankruptcies to occur vs. rewarding failure with bailouts.
  • Stop inflation by dismantling the Fed and returning to the gold standard.
  • Encourage savings and liquidate debt.
  • Deregulate.
  • Give tax credits to those who take care of themselves, or the doctors who provide their care.
  • Cut government spending, especially on international endeavors. "We spend hundreds of billions of maintaining our empire around the world. Let's bring that money home," he says.

These recommendations will be familiar to anyone who followed (or supported) Paul's run for the Presidency in 2008. Given all that's transpired in the past year, one suspects he'd be getting a lot more votes if the campaign were happening today.

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