Presidential Candidates Economic Plans: Ron Paul
This is my final installment of presidential candidates economic plans. Despite the fact that Ron Paul is very unlikely (even more unlikely than Mike Huckabee) to prompt a revolt among Republican delegates at the convention, Yielding Wealth readers have rightly pointed out that another option should at least be canvassed. And I agree. So here is a brief look at the basic points of a economic plans developed by Ron Paul. You can see more details of Ron Paul’s economic plans by visiting his campaign Web site.
Economic plans offered by Ron Paul
- Taxes: Get rid of income tax. Get rid of the IRS altogether. Also, get rid of corporate taxes.
- Cut government spending, freezing many budget items where they are (defense and entitlement would be excluded from the freeze). I assume this means that pork barrel spending would be significantly reduced.
- Force more openness from the Federal Reserve.
- Deregulation of companies, especially investment regulations such as Sarbanes/Oxley.
What do you think of Ron Paul’s economic plans?
Other posts in this presidential candidates economic plans series:
Tags: economic plans ron paul, fair-tax, personal-finances, presidential candidates economic plans, ron paul economic plans, Taxes, yielding wealthRelated Stories
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10 opinions for Presidential Candidates Economic Plans: Ron Paul
John
Feb 25, 2008 at 2:15 pm
Uh, your summation is wrong. Ron does NOT want to replace the IRS with a Fair Tax. He wants to get rid of the IRS and replace it with NOTHING.
Robert Staker
Feb 25, 2008 at 2:43 pm
You missed on all 4 counts. That is not what Ron Paul proposes at all.
1. He proposes to get rid of income tax, but replace it with nothing.
2. He is not talking about freezing government spending. He is talking about getting rid of various departments that cost billions of dollars and do nothing to promote freedom.
3. He doesn’t want to force openness on the Federal Reserve, he wants to eliminate it and have Congress coin money as per the Constitution.
4 He proposes deregulation of everything and getting the government out of our lives. Let market forces take care of things.
What he proposes is a government based on the strictest test of the Constitution, not the living version that is being sold by the neocons.
miranda
Feb 25, 2008 at 3:09 pm
Sorry about the Fair Tax thing. In a moment of hurry to check on my sick son I got confused.
miranda
Feb 25, 2008 at 3:16 pm
According to his campaign Web site:
“Freeze all non-defense, non-entitlement spending at current levels.”
“Expand openness at the Federal Reserve and require the Fed to televise its meetings.”
“Repeal Sarbanes/Oxley regulations that push companies to seek capital outside of US markets.”
I got my summation from the “official” site. The Fair Tax thing, as I apologized for earlier, was something I accidentally got confused about in my frenzied attention to a sick boy with a fever of 104.
This is just a brief overview of the basics of what Ron Paul offers. It is by no means comprehensive, and I never meant it to be. Ron Paul’s campaign Web site has a more expanded version of what he plans.
Mark Jabo
Feb 29, 2008 at 6:07 pm
Miranda,
I thought the whole series of articles was concise and well-done.
If you listen to Ron Paul for more than two minutes, it sounds like he has a temperature of 104 and is delirious, so any confusion on your part is quite understandable. :)
miranda
Feb 29, 2008 at 6:15 pm
Thanks, Mark. I agree with you. I’m not sure how Ron Paul’s plans would work practically in a world where we expect the government to take of certain things. Some sort of tax-based revenue is required.
Additionally, I’m not sure how well “market forces” would take care of things. I’m not even sure how well large companies would fare in such a system. They have become dependent on the subsidies (yes, subsidies) that make up a sort of socialist-capitalist way of doing things. Besides, the last time “market forces” were pre-eminent, we had the very wealthy and nearly everyone else was poor. Not really something for widespread prosperity.
Although I do think our present system does need fixing. We could pay for more IMPORTANT things with lower taxes if we could prioritize our spending as a nation and cut back on frivolous things…
Brian
Mar 1, 2008 at 8:06 pm
Wow, I think some people need to step back for a second. The Federal Reserve does not have the lawful power to coin money. The United States Treasury, under control of the comptroller of currency and the Treasurer of the United States, produces money. It is held accountable to the President and to Congress. So maybe, just maybe, people should really think about the Fed before they start babbling on and on about it. Because they really don’t know.
miranda
Mar 1, 2008 at 10:12 pm
Thank you, Brian. I didn’t really notice the gaffe about who coins money. I was too busy getting direct quotes from the Ron Paul campaign Web site (and concerned about my son — who is better now) to worry about the accuracy of the comment made.
The Fed sets interest rate policy, and loans money to the government. Among other things.
Andrea
May 21, 2008 at 9:35 pm
I think the deregulation thing has gone overboard frankly, a certain amount of regulation is needed , companies policing themselves???? Maybe the more responsible ones but what about the current housing thing and predatory lending practices? A lot of it due to deregulating banking.
miranda
May 21, 2008 at 9:46 pm
I agree, Andrea. Deregulation is what got us here in the first place. Greed and unsustainable growth often result from deregulation, since greedy companies and investors don’t regulate themselves.
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