Ron Paul on CNN’s American Morning




Ron Paul was interviewed on CNN’s American Morning today. He provides his comments about the stimulus package, the rebuilding of America’s infrastructure, and the Republican failure to reverse the spending bubble when they were in power.

Show: American Morning
Channel: CNN
Date: 2/16/2009

Transcript:

Kiran Chetry: You say that the legislative process around this bill was quote “atrocious.” President Obama, when he was a candidate on the trail, pledged that public would have 5 days to review legislation online before he signed it, and of course as we all know this bill was more than a thousand pages long. You said your staff did not have a chance to read any of it until after midnight the night before and that there were only 5 hard copies available? What was going on?

Ron Paul: There were 5 copies available to the House, I think 5 to the Senate, and that wasn’t available until the House opened at noontime. So no, essentially it was not available to us and who could stay up all night and read a thousand pages? So obviously it was done, you know, like business as usual. Things have been going on like this for a long time but this one was a little bit worse and it was bigger than usual, so it was not a very good day for America.

Kiran Chetry: So besides the problems that you have with how it went down, you also have major policy concerns and differences with what you think the stimulus will do. You say that you just don’t think it’s going to stimulate the economy, that it’s going to actually prolong the agony. Why do you feel that way?

Ron Paul: Well, you know this is the whole thing, it was a bad process but if you come to the conclusion that it’s a negative, it’s really a sad day. Because we got into our mess by spending too much money, running up too much debt and printing too much money, and that’s exactly what we’re doing: we’re printing money and we’re running up debt. This bill was equivalent to what we had spent prior to 1980; the national debt was 800 billion dollars in 1980. We had to raise the national debt this time with this bill by another nearly 800 billion dollars. So, it is a process that will delay the recovery, we won’t have the correction and we will drive ourselves into depression the way we’re going. So that is our real problem. And unfortunately…

Kiran Chetry: Well, I want to ask you a couple of things. Okay, there’s stimulus in the tax credits, right? Because when people get to keep a little bit more of their own money they spend it.

Ron Paul: Right.

Kiran Chetry: A third of this is tax cuts.

Ron Paul: Yes. If that was the only thing we were doing, that would be fine. But you really should do that with cutting spending too, I mean just to explode the deficit. This has been the theory by supply siders for a good many decades and they’ve compounded our problems by setting the stage for conservatives running up the debt. So you cut taxes, I always vote to cut taxes, but I always vote to cut the spending too and I think the most vulnerable place to cut spending would be overseas spending. To run our empire we spend a trillion dollars a year. We need to cut spending and cut taxes and get the control of the money back into the hands of the people and out of the control of the Congress, out of the control of the Federal Reserve System, then we will have a recovery.

Kiran Chetry: I want to ask you about this though; what about the fact that we do have a crumbling infrastructure in many places and that you know, if they’re going to spend this type of money, at least spend it on something that will; A. I mean they talk about shovel-ready projects, put some people back to work now and B. Make things better for the future.

Ron Paul: Yeah it wouldn’t be the perfect way to do it under our Constitutional system but under today’s conditions if you cut you know, all these building projects over in Iraq and around the world, yes bring that money home, save some of it, put against the deficit and use it in the infrastructure. That would be okay as an interim. Just think of how many bridges we’ve pay to blow up around the world then we go and we pay to rebuild them and the money gets lost in corruption overseas. So I would say yes, we could have some infrastructure rebuilt in this country, but the rate we’re going we’re just throwing more money at it. We don’t change any policies, whether it’s the welfare policy or it’s the warfare policy, the policies always remain the same with either parties in power, and right now Republicans are doing a much better job. But all I can say is where were we for the past 8 years? We contributed to this problem, and that’s why our credibility is low, but what we need to do is just look to the Constitution for all the rules, and we will come up with all the answers that we needed.

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21 Comments:

  1. Maybe you should make changes to the post subject title Ron Paul on CNN’s American Morning | Ron Paul .com to more suited for your webpage you make. I loved the post nevertheless.

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  2. Pingback: Ron Paul and Rand Paul discuss Politics and Healthcare on CNN | Austrian Economics Blog

  3. There is absolutely nothing that the federal government does with the people's money that couldn't be better done by the people themselves! When the federal government shows benigness to poor people, it's usually to distract them from the taxes they have to pay in the first place! The federal government is primarily a means of exerting a malign influence over citizens in the form of convincing them that when the government steals the citizen's money and spends it, that they EVER have the citizens' best interests at heart. When Obama and Congress subsidize ANY industry, whether it be the $4 trillion to Fannie Mae and Freddie Mac, the $1 trillion to the banking industry, that money comes right out of YOUR pockets! Also, in support General Motors (GM), and Chrysler, in addition to raising tariffs on imported goods, in supporting the jobs of people who don't use resources efficiently (saving the jobs at an inefficient manufacturing plant), he keeps prices artificially high and keeps Americans from RETAINING MORE OF THEIR MONEY by establishing tariffs on foreign goods and services. Money that could be invested in the economy so as to crease efficiency of manufacturing, bringing us better computers, medical technology, cures for diseases, longer lives, a higher standard of living, increasing competition to bring people lower priced services, allowing them to use their purchasing power for yet more investment, or to buy many more things.

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  4. Of course, what a great site and informative posts, I will add backlink - bookmark this site? Regards, Reader.

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  5. Wow! what an idea ! What a concept ! Beautiful .. Amazing

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  6. i used to support ron paul until he shared my email address with every gun rights organization on the planet.

    shame on him for that.

    thanks for all the new spam even though i gave you money earlier this year ron!

    classy.

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    • Let's be honest. That probably wasn't RP's executive decision. That would be the fault of his campaign organizers. And to them, indeed, SHAME SHAME.

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  7. Tim Geitner put the G7 into the legislation to only allow spending on "American products.".. This is upseting a TOn of other countries, but the package would become useless if otherwise. The problem is that we spend too much overseas. We have been considering protectionism and being heavily critisized around the world. Ron paul agree's that we need to cut spending in order to solve this mess. Setting tarrifs and raising the prices of foreign goods would be the only way to slow down our spending. It would make the dollar more valuable, slow down our national deficit, and we would be able to reduce taxes.

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  8. Return to Independent Values

    Over the last hundred years, the United States has seen the inflation of the US dollar
    dramatically increase. With this increase, we have built a “fake” economy. This economy has grown continually, to the point of self-destruction. “Values” for Homes, Automobiles, Goods and Services, etc have steadily increased to an inflationary point.

    To save the Country, as we know it, demands drastic CHANGE.. But not the change that we are currently getting. We need to demand more from our elected and appointed officials. But what it really means is a complete shift back to establishing true “value” for the American dollar. Below is a listing of ideals, direct points that would have immediate effect on the economy. But there are also some changes to US Constitution that needs to be looked at.

    Eight-year term limit for US Supreme Court Appointments – no life long retirements

    Eight-year term limit for US Congressional Representatives – no life long retirements

    Abolish all Political Party’s - All Representatives are Independent

    Return to US House of Representatives being elected by the people, the Senate being selected by the US H of R. And the President selected by the Senate.

    Balanced Budget Amendment at the Federal Level – At the end of every Four year term

    Return the Gold standard to the US Dollar – The Dollar to be backed by actual value

    Lower Federal Corporate Taxes to Five Percent

    Drop all Federal Corporate “Start Up Fees”

    Fifteen Percent Flat Payroll Tax on all US employed personnel – No person in the US to pay more than fifteen Percent

    Abolish the Capital Gains Tax

    Abolish the IRS

    Abolish the Death Tax

    Abolish the FICA and Social Security Tax

    Unlimited Payroll contributions to post tax 401K, IRA etc.

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  9. Finally, maybe there is some stimulus we can believe in on the horizon. Apparently there is some new interest in an old concept at NASA. That old concept being Shuttle-C. If we'd built these back when it was proposed in '89, we'd have a lunar science and exploitation program now. We can still do it, and get first pick of lunar gold, platinum, and other precious metal deposits instead of having last pick while we watch the Chinese and Russians cut ahead of us.

    You want to put the economy back on track? There's nothing like a gold rush to do that very thing. The calls been put out. The Chinese are going. The Russians are going. The Indians are going. Even the Japanese and Europeans are going. Why are we sitting here with out thumbs up our butts waiting to see what they find up there? Is that the American way? Not in my America it isn't.

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  10. I think the Fed should abolish the mint and invest in a bunch of copy machines.

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  11. I suspect Ron Paul will be a "maverick" just like McCain. When he talks bad about Republicans and says something nice about Democrats the media will love him and use him.

    kid gloves for the Democrats. at the end of the day people-- including Ron Paul-- are afraid to take on the Democrats. they are a modern day mafia-style, communist-style top-down party of the country. from the media to the schools to the union workplace to all government halls-- you BETTER have something nice to say about Democrats if you want a piece of pie... or in Ron Paul's case if you want to keep getting calls to take to the airwaves.

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  12. "They say] if you had not had the Protective Tariff things would be a little cheaper. Well, whether a thing is cheap or dear depends upon what we can earn by our daily labor. Free trade cheapens the product by cheapening the producer. Protection cheapens the product by elevating the producer. Under free trade the trader is the master and the producer the slave. Protection is but the law of nature, the law of self-preservation, of self-development, of securing the highest and best destiny of the race of man.

    [It is said] that protection is immoral.... Why, if protection builds up and elevates 63,000,000 [the U.S. population] of people, the influence of those 63,000,000 of people elevates the rest of the world. We cannot take a step in the pathway of progress without benefitting mankind everywhere. Well, they say, ‘Buy where you can buy the cheapest'.... Of course, that applies to labor as to everything else. Let me give you a maxim that is a thousand times better than that, and it is the protection maxim: ‘Buy where you can pay the easiest.' And that spot of earth is where labor wins its highest rewards."

    - Abraham Lincoln

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    • No one listen to this man. He has absolutely no idea what he is talking about and knows nothing of economics or sound money.

      Here are a few of his nonsensical beliefs:

      Inflation is higher prices
      Protectionism is a good thing and benefits countries
      The Federal Reserve is a non-profit organization
      We can print fiat money to pay off our trade deficit
      He doesn't want fiat money but doesn't want commodity/commodity backed money either (there are no other options)

      He also has no understanding of cause and effect. He constantly confuses them. For example, he thinks unbelievably fast price increases is the cause of hyperinflation when it is actually hyperinflation (a fast and massive increase in the money supply) that causes skyrocketing prices.

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      • your making yourself look foolish.

        "In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time."

        "Protectionists fault the free trade model as being reverse protectionism in disguise, that of using tax policy to protect foreign manufacturers from domestic competition. By ruling out revenue tariffs on foreign products, government must fully rely on domestic taxation to provide its revenue, which falls heavily disproportionately on domestic manufacturing."

        "The Federal Reserve System is an independent government institution that has private aspects. The System is not a private organization and does not operate for the purpose of making a profit."

        "Perhaps most significantly, Friedman contended strongly that the current structure of the balance of payments is misleading. In an interview with Charlie Rose, he stated that "on the books" the US is a net borrower of funds, using those funds to pay for goods and services. "

        and about your legal tender laws...

        "Banknotes do not have to be legal tender to be acceptable for trade. Retail transactions can be carried out via cheques, or debit or credit cards, none of which is a payment using legal tender. Acceptability as a means of payment is essentially a matter for agreement between the parties involved."

        "In economics, hyperinflation is inflation that is very high or "out of control", a condition in which prices increase rapidly as a currency loses its value."
        -wiki

        I do want commodity back money, but its impossible to maintain a balanced supply of money...

        what else do you have to use to fasly accuse me of lying? Prove your answers. I keep showing you up and you keep responding with no evidence.

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        • We got rid of subsidies and protectionism in the early seventies. After that trade heavily increased, toyota and other car manufactors started comming here. Standardized money couldn't back up the trade deficit, so we had to create a more elastic flexible currency.

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        • Showing me up? ahahahah give me a break! You don't even know the proper definition of inflation.

          No one listen to this man. He knows nothing of economics or sound money. I'm sure you can all see that from his nonsensical and contradictory posts but I just gotta make sure he doesn't infect some of the well-meaning people who visit this site with his jibberish.

          Here's another pearl of wisdom from him:

          "Cars go through inflation because the price of steel always goes up"

          Seriously, I couldn't make this stuff up if I tried.

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          • You are wasting your time arguing with this guy. He doesn't want to debate, he wants to distract you by giving you loads of useless crap and off topic debates. No matter how much time you spend falsify each of his claims, he will continue throwing more, and more, and yes even more BS at you.

            Please someone ban this rat Sean.

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          • You haven't shown one proof of evidence backing up your assumptions..

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          • I contradicted everything you wrote with statements backing up myself. You just blurt out things that you think you know without having any evidence..

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