Restore America Now: End the Fed, Stop the Wars, Abolish the Income Tax!

Date: 06/13/2011

The Keys to Economic Growth

by Ron Paul

Recent economic data show that U.S. job growth in May was negligible, while the official unemployment figure– at least the figure the Labor Department admits to– rose to 9.1%. The real unemployment figure, however, as compiled by economist John Williams, may well be higher than 20%. It is clear the U.S. economy is in terrible shape, and that no amount of government spending or Federal Reserve quantitative easing can reduce unemployment, increase real productivity, or address our debt fiasco.U.S. jobs and productivity are dependent on the accumulation of private capital to finance existing businesses or fund new entrepreneurial activity. Private capital– whether accumulated by profitable U.S. businesses, invested by private equity and venture capital firms, or attracted from abroad– is the key to economic growth and new jobs. But we cannot create jobs if we demonize profits, punish risk-taking capitalists, and stay hostile to foreign investment.

The steps to encouraging capital investment and creating new jobs in America are simple, though not easy:

  • First and foremost, we must create a sound U.S. currency backed by gold or some other commodity respected by the market. No nation in history with a rapidly depreciating currency has attracted private capital. Unless and until we prohibit the Treasury and Federal Reserve from essentially creating money and credit from thin air, we cannot restore the U.S. economy.
  • Second, we must create a favorable regulatory environment for U.S. business. This cannot be stressed enough. When businesses don’t know what’s coming next from the EPA, when Obamacare spikes their healthcare costs, or when the Dodd-Frank bill adds almost unknowable regulatory compliance burdens, businesses simply will not expand and hire. It is time to start shrinking the federal register.
  • Third, we must stop spending trillions of dollars overseas on foreign wars. There is no point in debating a foreign policy we cannot afford. It no longer matters what neoconservatives want. Our interventionist foreign policy is financed on credit, and our credit limit has been reached. Our economy would be infinitely better off if those trillions of dollars had never been removed from the private economy or added to our debt.
  • Finally, we must completely revamp the U.S. tax system and move to a territorial model that does not tax foreign source income. U.S. corporations are sitting on more than a trillion dollars in foreign earnings that cannot be repatriated to the U.S. because of taxes. We need to stop taxing unpatriated funds to bring those earnings home. Better yet, we need to abolish the income tax altogether.

The U.S. economy is in deep trouble. Congress needs to act immediately to restore the rule of law and create an environment that rewards, rather than punishes, the critical components of any healthy economy: capital accumulation and investment.

In this struggling economy it is essential for politicians to take a step back and think about what government has been doing to business in this country. In less than 200 years, the free market, property rights, and respect for the rule of law took this nation from a rough frontier to a global economic superpower. Today, however, our nation and our economy clearly are headed in the wrong direction.

Of course, America has never enjoyed absolute free-market capitalism: creeping government intrusion and special interest political patronage have existed and increased since our founding. But America historically has permitted free markets to operate with less government interference than other nations, while showing greater respect for property rights and the rule of law. Less government, respect for private property, and a relatively stable legal environment allowed America to become the wealthiest nation on earth.

By contrast, the poorest nations almost always demonstrate hostility for free markets, private property, and the rule of law. Capital formation, entrepreneurship, credit, and wealth accumulation are uniformly discouraged in poor countries. Private contracts are not reliably enforced, and private property is not secure in the hands of owners. The predictable result is widespread poverty and misery.

  • JejuLee

    Mr. Paul, You are saying they won’t repatriate the $1T because it would be taxed? That is absurd and really warrants no explanation as to why. But here you have it: They’re going to forego the use/bonuses of all of it because a portion would be fairly taken? You and Schiff are truly starting to resemble that common political troglodyte known as the corporate whore. Would you also like to suggest–as Schiff implied recently–that there is no place for government oversight of nuclear facilities?

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  • ProgressiveInAmerica

    I am SICK AND TIRED of Ron Paul always talking about how much he loves socialism and hates America!!

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  • engine2truck6

    Read LIBERTY DEFINED

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  • AndrewChan84

    The most competent Congressman EVER!

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  • mrgeestacksalot

    RP 2012!!!!!! or go fuck yourself!!!!

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  • TheVoiceOfReason93

    Mr Ron Paul, remind me, what is the definition of libertarianism? I had always figured that its just anarchy fro rich people.

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    • Libertarian777

      There is no specific definition. There are only 2principles. Private property rights. No coercion.

      Not sure where your comment about it being for rich people comes from. Libertarianism liberates poor people. If your savings hold their purchasing power by not being debased, even as a poor person what little you save holds it’s value and let’s you , albeit, slowly dig yourself out of your current state,

      With government mandating the value of your assets through money supply manipulation, you are never able to save and hence remain poor.

      Libertarianism ideology would prevent rich people from using things like eminent domain laws to expropriate land from poor people at below market rate, by having the land marked ‘blighted’ by the government rough lobbying from the rich. Libertarianism would stopnthe government from having poor people pay for rich people driving hybrid SUVs through government rebates.

      Any other questions?

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  • SovereignJack

    Ron Paul should do these weekly updates with video and audio, he would probably get a lot more views. We need to reach the masses!

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  • bigmancoolguy

    “WHEN THE WORLD OF LOVE OVER COMES
    THE LOVE OF POWER THE WORLD WILL KNOW PEACE.
    JIMI HENDRIX. VOTE RON PAUL 2012

    ‘”VOTE RON PAUL 2012

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  • slhines7

    The voting system is sadly entirely rigged and Presidents are not elected by people and are actually placed into office by the banks/corporations!

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  • ProgressiveInAmerica

    Ron “Muslim” Paul wants to restore America into an Islamofascist communist caliphate!

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    • Jim

      What was that you said ProgressiveMuslimInAmerica? I didn’t hear you. Take whatever is in your mouth out, and enunciate.

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  • warobsessive

    The GDP of the world is 68 trillion. The debt of the world is 700 trillion. How will the world pay this off?

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  • peepskeepwalking

    PAUL 2012 FOR PRESIDENT

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  • BankofSpirit

    true capitalists wish to buy/sell/trade what is real but the free capitalist system allows for snake oil salesmen to potentially rise if public sleeps, become or count sheep. rockefeller wealth’s from theft + oppressing competition in oil, trump, wealth arrived from whores/whore houses, kennedy, booze & so on it goes. those who sell waste as product get wealthy & buy PEONS, WHORE BOT, trap PUPPETS to speak & sow together lead society to take axe to orchards to make room for wax apple factories.

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  • casperorchids

    And with the help of another “Word” that can be spread, we can’t be stopped!

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  • LadyBuggin777

    ~ Dr. Ron Paul: 2012 ~

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  • shawondemand

    Thumbs up my comment so the uploader can see this:

    Please put annotations in all your videos telling the viewers to like your video. I bet it will help a lot.

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  • GeminimagerRS

    PAUL.

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  • BrandonToddCarr

    Ron Paul 2012!!!

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  • iTellYouNoLie

    RP2012 #FTW
    >:)

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  • FreedomsReigning

    It no longer matter what Neo-conservatives want. I like the sound of that, yet the bombs just keep falling, and everybody seems to know that it’s an illegal act being committed in our name without out our consent.

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