Channel: Clear Channel Radio
Date: 02/09/2009
Transcript:
Paul Westcott: We are on the phone now with Texas Congressman Ron Paul. Dr. Paul, thank you so much for being with us.
Ron Paul: Good to be with you.
Paul Westcott: Now let’s start with the so-called stimulus or as you and many are calling it a spending package. What is the bigger problem with this bill? Is it the pork spending that everyone seems to be harping on, or is it the other 750 billion dollars spending in the bill?
Ron Paul: Well for me it’s the whole principle of government intervention. We got into this mess by government spending too much, borrowing too much and printing too much money, and they’re expecting to get out of that problem by doing the very same thing. It’s like an individual who may be deeply in debt and hadn’t been working for a long time and then say, “Well what we need to do is borrow more money.” So the whole principle, even spending the first dollar is incorrect. The only thing that they’re doing which is close to doing the right thing and that is cutting taxes, but when you cut taxes you have to cut all the spending as well.
Paul Westcott: I mean are there any plans at this point in this package or in any foreseeable future to cut spending? I mean that doesn’t seem like to be part of the equation at all.
Ron Paul: No, they absolutely aren’t considering it, and they’re warning the people that they’ll spend a lot more if necessary, and the stage has been set when the financial markets were bailed out the banks in Wall Street to the tune of literally trillions of dollars when you add up what the Federal Reserve pumped in. So therefore, it justified a more populist approach, and said, well, if you can bail out the bankers and the car companies and insurance companies, why can’t you bail out the little guy? So, it’s contagious and now everybody gets bailed out, and all the weight is being placed on the dollar, and right now it seems to be absorbing it fairly well under the conditions. But it won’t last, because you just can’t print dollars endlessly and expect the money to maintain its value.
Paul Westcott: Absolutely and at this point, what do you think the government should be doing? I mean, is some spending prudent in your eyes, like on roads or infrastructure? Or is it just seems like to be throwing money at this one private industry should be working its magic?
Ron Paul: Well, they should be out of the business of spending, but under the circumstances that highways and all have been a part of the federal government for a long time, you could have a transition or you could say, “Look, if the government has to spend money, highways wouldn’t be the worst way to do it, but so much of this other spending is just pure pork and intervention.” But, if they just take money out of the productive economy and put it in the highways, who knows? This money could have been more productively spent. But if you’re going to put it in infrastructure, you should get the money from overseas spending. We’re spending up to a trillion dollars a year maintaining an empire that I don’t think we should be doing, and we’re now expanding our role around the world because we’re talking about a lot more troops in Afghanistan and continuing the bombing of Pakistan. So, if you do that, it just is endless, but, if you cut 50 billion dollars out of the foreign operations and put 25 toward the deficit, and pump 25 billion into the roads, that wouldn’t be the worst thing in the world for us.
Paul Westcott: So a much more limited package, and just sort of a prediction. I mean, you called this about a month or two months ago when we were talking during the first bailout and you said, “Well, now it’s going to be the little guy. They’re going to start to get the bail on individuals.” What do we see from here? Is there going to be more spending? Are we going to be giving out more of our tax dollars to individuals, small businesses and foreign countries? I mean, who knows what’s next?
Ron Paul: Yeah, there’s no sign it’s going to slow up, it’s going to continue. To me the significant shift has been when the deflationary pressures were there in the financial market of bankruptcies of banks. The tremendous increase in the credit propped it up, although it didn’t salvage the whole system, at least it propped up the financial markets. Now, the shift toward the individual and the smaller guy means that dollars will be put into the hands of average people. I think this will be to the price inflation. So far, all this printing of money has not led to price inflation, but I think we’re shifting now. In the next six months to a year, I think everybody should expect to see a lot more inflation. Already we’re witnessing the lack of enthusiasm to buy our debt. Even this week, you know, the ten year Treasury Bill’s interest rate is going up and that’s a sign that inflation is coming.
Paul Westcott: Absolutely. Dr. Ron Paul, thank you so much for joining us.
Ron Paul: Thank you.
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