Piece I'm writing for Ron Paul's Economic Plan in Local Paper (free publicity)Submitted by nidhogge on Wed, 01/30/2008 - 14:56
I was thinking of ways to get free ad time for Ron Paul without sounding like an advertisement in the local paper. The idea came to me as soon as Ron Paul unveiled his new economic plan--write a piece on how his ideas would affect the local citizens of my city should it be enacted. This serves to introduce people to Paul while also demonstrating his strong knack for economics. Here's what i wrote, it's pretty much done (just shaving it down a bit, they gave me 500 words!):
Ron Paul’s Comprehensive Economic Revitalization Plan
Republican Presidential candidate Ron Paul recently unveiled an economic reform plan rooted in Austrian Free Market Economics. Free Market economics differs from Keynesian economics in that it calls for a sound, commodity-backed monetary system (such as a precious metal standard) with little government interference. Such a standard enforces fiscally conservative government spending. In contrast, Keynesian economists generally support a central bank (Federal Reserve) to artificially intervene in the economy to regulate interest rates, with the discretion to print money from thin air. Keynesian proponents support the notion of fiat currency, which usually removes all commodity-backing, and relies on global investing and borrowing to prop up the value of a country’s currency.
When the Fed lowers interest rates, inflation results, and your savings suffer. For example, a middle-class working family in Rochester with $5,000 in the bank at the current 10% inflation rate would, by year end, have the purchasing power of $4500. This is a $500 loss due to inflation alone. This is especially harmful to those on fixed incomes, such as Social Security.
Dr. Paul’s plan works towards addressing monetary, regulatory, spending, and tax reform. The following introduces a few aspects of the plan, and its affect on the average worker.
The Federal Reserve operates in relative secrecy, and one monetary point of this plan calls for “full public scrutiny” of its meetings. Article I, Section 8 of the Constitution delegates Congress with the power to regulate currency value. Despite this delegation, the Fed has zero accountability to Congress. Paul’s plan calls for transparency, which will restore the involvement of our representatives in the preservation of our currency.
In addition, gold and silver would be legalized as a competing currency. Currency-based competition would drive the Fed to be more fiscally responsible. This benefits the working class by encouraging savings and decreasing inflation.
Currently, America spends approximately $1 trillion in overseas commitments. This money is predominantly borrowed from China at high interest, making America a debt slave. If we decrease overseas expenditures, domestic programs such as Social Security and Medicare can be preserved.
By reducing federal regulations such as the repealing of Sarbanes/Oxley, a law that is a major cause of job outsourcing, jobs will begin to trickle back onto American soil. Sadly, over-taxation now discourages capitalism in America.
Currently, our seniors receive fewer social security benefits if they have another source of income. Paul’s tax reform plan would call for an end to gross income inclusion in social security benefits, and let our elderly keep all the fruits of their labor. Taxes on dividends and savings would also be eliminated, thus spurring investment in the economy and booms in business growth.
In conclusion, while Paul’s plan may not completely address every issue our economy is facing, it is a giant step in the right direction. The Bush tax cuts do encourage short-term economical growth, but we need something to address the long-term. To read the complete plan, visit ronpaul2008.com/prosperity.