Archive for the ‘Economics’ Category

Speech at the Maryland Tax Day Tea Party

Friday, April 16th, 2010

I recently spoke at the 2010 Maryland Tax Day Tea Party in Stevensville. Here are the links and the text of the speech:

Part 1:

Part 2:

Text of Speech:

You know, theres a Chinese proverb that says that there are three curses, each one worse than the previous. The first of these curses is: “May you live in interesting times.” Well, the times we live in are certainly interesting.

We stand here today at a transformative moment in American history at the front lines of what can only be called a revolution in thought. We are here today, like hundreds of thousands of our fellow Americans in cities all across the country to exercise our basic right as citizens, as a free people in a democratic republic. We stand here today, peaceably assembled, petitioning our government for redress of our grievances. And we are here to tell our government one thing: STOP.

We stand here today with a crisis of creativity in our country. We look around and see problem after problem: Poverty. Millions unable to get health care. People out of work. Its easy for all of us, no matter what our political views may be, to agree on what the problems are.

But though we all see these problems, for too long, we have seen just one solution let the government do it. Its their job. Its their responsibility.

Well, the second Chinese curse is this: May you come to the attention of those in authority.

Well, let me tell you, weve definitely been getting attention from those in power.

We are citizens today living under a government that doesn’t represent us its people. And we have made the decision, together, that we can no longer refuse to take action. And for that, we are drawing much attention.

But when I say people, I should be clear, because I don’t just mean us here today, or our friends across the country. I mean all Americans, regardless of whether or not theyre a part of the tea party movement. For years, no matter the Administration, no matter which party controlled Congress, no matter who we elected, none of us has been represented by our government.

And why should anyone care? Why should anyone have bothered to pay attention to what we wanted? Why pay attention when we largely refused to take action when we continued to let elected officials get away with whatever they wanted? We have congressional approval ratings in the teens and twenties, and yet re-election rates are in the 90s, and thats unacceptable.

You know, thirty-two years ago, something remarkable happened in the state of California. In 1978, Californians stood up passed Proposition 13 overwhelmingly a law hated so strongly by the political class, because it of all things made it more difficult for politicians to raise taxes.

But thats not why Prop 13 was important. No, it was important for what it started for what it signified. 43 states followed by passing some form of a tax limitation. In the late 70s, Americans realized that theyd been taxed too much for too long, and that it was time to do something about it.

But today the problem we face the problem that is drawing us attention is not our dislike of taxes. It is our solemn and firm rejection of completely out-of-control spending by politicians.

You know, to go off on a tangent for a second, Rodney Dangerfield once had a great line in Back to School that said, Youve always got to look out for #1, because if you dont, youll end up stepping in #2.

Well, pardon the analogy, but for too long, our elected officials have not been looking out for us for the citizens who should be #1. And worst of all, they havent just mistakenly stepped in some #2 theyve thrown us into a $16 trillion dollar pile of it.

And that brings me to the third Chinese curse: May you find what you are looking for.

For too long, those who wanted big runaway government have gotten what they wanted.

We have a Democratically-controlled Congress this year that passed a new trillion dollar health care entitlement, all the while ignoring overwhelming public opposition.

But why should we be shocked when just 7 years ago, a Republican-controlled Congress passed a new half-trillion prescription drug plan that nobody wanted?

We have a Congress today that raises the federal debt ceiling whenever it bumps up against that ceiling.

But why should we be taken aback considering that Republicans raised that ceiling again and again when it was politically convenient to do so?

Its pretty sad when those in Congress dont even know what the word ceiling means, isnt it?

We have President Obama borrowing, printing and spending more than any president in history, in the supposed name of job creation.

But why should we be surprised when his Republican predecessor did the exact same thing?

We have a president now who wastes trillions of dollars overseas in multiple endless wars, sacrificing American lives, destroying our civil liberties at home, and shredding our Constitution into millions of tiny bits.

But why should we be surprised to see him merely continuing and expanding the policies initiated by George Bush?

And then, of course, we have the worst example of all an example of government so out of control an example so galling that it deserves special scorn, all its own.

And this time Im talking about the bailouts.

A tag-team effort, foisted upon us by our last two presidents, a scheme that took hundreds of billions of taxpayer dollars, ignored the public outcry of those taxpayers, and then handed that money to the well-connected friends of unelected treasury secretaries and government officials, so that Wall Street millionaire bankers could keep making campaign contributions to both parties.

The truth is, we only really have one party with two competing factions: the spend money over here party, and the spend money over there party.

But what we realize today is that low taxes are not enough. Low taxes mean nothing if we don’t reduce spending as well. And fortunately for our future generations, more and more Americans are realizing this as well.

Theyre realizing that the reckless spending of taxpayer money our money is just the beginning. Our government hasnt just been eroding away our pocketbooks, but also the basic liberties that have for so long characterized our free society.

But we cannot we must not — let lawmakers keep grabbing this power the power to solve problems that they themselves created.

This may come as a surprise to some in Washington, but you know, you cant run massive government programs like Medicare and Medicaid and the FDA and the medical boards, and many, many others and then say the free market doesn’t work in health care, so we’ll run it, instead.

You can’t put up roadblocks to interstate competition between insurance companies and then say we need a government option because insurers don’t have enough competition.

You can’t have the Fed and the Treasury and the SEC and Fannie Mae and Freddie Mac and the FDIC and then say we need to regulate financial instruments because the free market is failing.

No. We live in a world where the easiest way for a federal agency to get more funding is to fail at what it does, and the easiest way for Congress and the President to grab more power is to create a problem. This has got to stop, and its got to stop now.

Because if it doesnt stop, then as the Chinese curse suggests, well find what were looking for.

So the next time theres a Democrat who wants to spend money on a new health insurance bureaucracy, or a Republican who wants to spend on a new prescription drug entitlement, or a Democrat who wants to spend money on a supposed peace-keeping mission in Somalia, or a Republican who wants to spend money on war in Iraq no matter what it is, and no matter how much you think it might be a good idea you, me, all of us need to ask the question: Where is this money coming from?

Do I want to be taxed more to pay for this? Do I want the national debt to explode from more borrowing to pay for this? Do I want the Treasury and Federal Reserve to print more money to pay for this?

Or do I want to live my life, with as small a government as possible a government that doesnt threaten to bankrupt our finances or crush our currency. A government that doesnt have the power to run roughshod over the freedoms that we value so much.

We cannot let these bad policies be ignored anymore. Every time we let the government reach into yet another part of our lives, there’s only less freedom left for us.

So do not let public debate be drowned out by those who shout obstructionist! every time someone opposes your ideas. Those of us opposed to bad laws arent obstructionists. We are citizens, with ideas we care passionately about.

And we demand to be free and responsible for ourselves. We don’t want handouts; we don’t want special advantages, whether those are farm subsidies or social safety nets.

We want a government that acts in accordance with the people, not in defiance of them. A government that does not trod about on our basic liberties, the economy, or our livelihood.

We must make runaway government spending a political curse on those who support it, before it becomes a curse on us financially. We must make our will known; we must ensure that our demand for a government of the people, by the people, for the people remains forever a reality and not just an idea.

Treasury Turns to Cash for Gold

Monday, June 22nd, 2009

Funny, astute satire from The Onion:


US To Trade Gold Reserves For Cash Through Cash4Gold.com

CNN: Ron Paul on Texas Secession, Bailouts

Tuesday, April 21st, 2009

Obama Follows the Hoover Depression Plan

Tuesday, April 21st, 2009

Robert Murphy debunks the myth that Hoover plunged the U.S. into the Great Depression by refusing to intervene in the economy. As he explains, Hoover had the exact same response as Bush/Obama:

Let’s first set the record straight on Herbert Hoover’s fiscal policies. Contrary to what you have heard and read over the last year, Hoover behaved as a textbook Keynesian after the stock-market crash. He immediately cut income tax rates by one percentage point (applicable to the 1929 tax year) and began ratcheting up federal spending, increasing it 42 percent from fiscal year (FY) 1930 to FY 1932.

But to truly appreciate Hoover’s Keynesian bona fides, we must realize that this enormous jump in spending occurred amidst a collapse in tax receipts, due both to the decline in economic activity as well as the price deflation of the early 1930s. This combination led to unprecedented peacetime deficits under the Hoover administration — something FDR railed against during the 1932 campaign!

How big were Hoover’s deficits? Well, his predecessor Calvin Coolidge had run a budget surplusevery single year of his own presidency, and he held the federal budget roughly constant despite the roaring prosperity (and surging tax receipts) of the 1920s. In contrast to Coolidge — who was a true small-government president — Herbert Hoover managed to turn his initial $700 million surplus into a $2.6 billion deficit by 1932.

It’s true, that doesn’t sound like a big number today; Henry Paulson handed out more to bankers by breakfast. But keep in mind that Hoover’s $2.6 billion deficit occurred because he spent $4.6 billion while only taking in $2 billion in tax receipts. Thus, as a percentage of the overall budget, the 1932 deficit was astounding — it would translate into a $3.3 trillion deficit in 2007 (instead of the actual deficit of $162 billion that year).

Read the entire thing here.

Tax Propaganda

Friday, April 17th, 2009

As you can see from the video below, paying money to the state was “patriotic” then, just the politicians say it is now.

However one thing has changed. Back then the propaganda said spending makes you an enemy of America: “Every dollar you spend for something you don’t need, is a dollar spent to help the Axis.”

Today we’re told to spend, spend, spend to “stimulate” the economy.

Central Banking and the Fed Explained

Thursday, April 16th, 2009

A nice video for explaining our monetary system to the uninformed:

Freedom Watch on Tax Day

Thursday, April 16th, 2009

Freedom Watch (April 8)

Thursday, April 9th, 2009

Another episode yesterday of Freedom Watch from Fox’s Strategy Room.

The first guest? British MP and RonPaulBlog.com reader (we’re on his blogroll) Daniel Hannan. Other guests include regulars Peter Schiff, Lew Rockwell and Steve Bierfeldt.

I still say this deserves to be on actual television (not just internet only). How could it not get better ratings than the Huckster?