Ron Paul on the Economy: ‘Abolish the Income Tax Altogether’Submitted by legalizeliberty on Wed, 06/15/2011 - 12:15
Rep. Ron Paul (R-Tex.), a candidate for the Republican presidential nomination, released a column on Tuesday that revealed the congressman’s current thoughts on the economy. Paul, who has argued against raising the debt ceiling in recent months, has also made a career out of trying to decrease federal spending and taxes. Paul has also been a major proponent of freedom and liberty. In fact, online support for Paul is so entrenched that his official campaign site doesn’t even appear until the second page of Google’s search results for the term “Ron Paul.”
On Tuesday, Paul wrote that 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.” Paul argued that private capital will stimulate the economy and, in turn, create jobs for unemployed Americans. However, Paul is quick to point out that the Obama Administration has failed to encourage private capital. “We cannot create jobs if we demonize profits, punish risk-taking capitalists, and stay hostile to foreign investment,” professed Paul.