U.S. Rep. Ron Paul | unemployment |
unemployment
The Bubble
28 April 1998 1998 Ron Paul 39:48
NATIONALISM However, I continue to have serious reservations regarding the ECU’s long-term success, believing that the renewed nationalism within Europe will not permit the monetary unification of countries that have generally not trusted each other over the centuries. In Germany, 70 percent of the people oppose entering into this new monetary agreement. If economic problems worsen in Europe — currently the unemployment rate in Germany and France is 12 percent — the European union may well get blamed.
unemployment
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:12
Errors in economic thinking prompt demands from the masses for more government programs to “take care” of the rapidly growing number of poor. Demands for more socialism and price controls results whether it’s in education, medical care, unemployment benefits or whatever — all programs that Indonesia cannot afford even if they tried to appease the rioting populous.
unemployment
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:21
As the Asian crisis spreads, I would expect Europe to feel the crunch next. Unemployment is already at a 12% level in Germany and France. The events can be made worse and accelerated by outside events like a Middle Eastern crisis or a war between India and Pakistan both now rattling their nuclear weapons. Eventually though, our system of “crony capitalism” and fiat money system will come under attack. Our system of favoring industries is different than the family oriented favoritism of Suharto, but none-the-less is built on a system of corporate welfare that prompts constant lobbying of Congress and the Administration for each corporation’s special interests. We have little to talk about as we preach austerity, balanced budgets and sound money to the current victims. Our day will come when we will humble ourselves before world opinion as our house of cards comes crashing down.
unemployment
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:12
Errors in economic thinking prompt demands from the masses for more government programs to take care of the rapidly growing number of poor. Demands for more socialism and price controls result whether it’s in education, medical care, unemployment benefits or whatever — all programs that Indonesia cannot afford even if they tried to appease the rioting populous.
unemployment
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:21
As the Asian crisis spreads, I would expect Europe to feel the crunch next. Unemployment is already at or approaching 12% in Germany and France. The events can be made worse and accelerated by outside events like a Middle Eastern crisis or a war between India and Pakistan both now rattling their nuclear sabers. Eventually though, our system of “crony capitalism” and fiat money system will come under attack. Our system of favoring industries is different than the family-oriented favoritism of Suharto, but none-the-less is built on a system of corporate welfare that prompts constant lobbying of Congress and the Administration for each corporation’s special interests. We have little room to talk as we preach austerity, balanced budgets and sound money to the current victims. Our day will come when we will humble ourselves before world opinion as our house of cards comes crashing down.
unemployment
Parent And Student Saving Account Act
18 June 1998 1998 Ron Paul 62:10
It is a well-established fact that any increase in taxes on small businesses discourages job creation and, thus, increases unemployment! It is hard to see how discouraging job creation by raising taxes is consistent with the stated goal of H.R. 2646 — helping America’s families!
unemployment
Increasing The Minimum Wage Decreases Opportunities For Our Nation’s Youth
10 June 1999 1999 Ron Paul 57:5
The second argument, based almost exclusively on a 1995 study by economists David Card and Alan Krueger, was that raising the minimum wage actually reduced unemployment. Since then, however, virtually every study done on the subject has confirmed longstanding research showing that raising the minimum wage invariably has a negative impact on employment, particularly among teenagers and minorities.
unemployment
Increasing The Minimum Wage Decreases Opportunities For Our Nation’s Youth
10 June 1999 1999 Ron Paul 57:6
The federal minimum wage was first enacted in 1938, but applied only to the small minority of workers who were engaged in interstate commerce. The first data we have on teenage unemployment are from 1948. From then until a significant expansion of the minimum wage in 1956, teenage unemployment was quite low by today’s standards and was actually lower for blacks than whites. Between 1948 and 1955 unemployment averaged 11.3% for black teenage males and 11.6% for whites.
unemployment
Increasing The Minimum Wage Decreases Opportunities For Our Nation’s Youth
10 June 1999 1999 Ron Paul 57:7
Beginning in 1956, when the minimum wage rose from 75 cents to $1, unemployment rates between the two groups began to diverge. By 1960, the unemployment rate for black teenage males was up to 22.7%, while the white rate stood at 14.6%.
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Increasing The Minimum Wage Decreases Opportunities For Our Nation’s Youth
10 June 1999 1999 Ron Paul 57:8
Despite such evidence, supporters continued to push for ever higher and more inclusive minimum-wage rates, which were raised almost yearly between 1961 and 1981. At each point the unemployment rate for black teenagers tended to ratchet higher. By 1981, the unemployment rate for black teenage males averaged 40.7% — four times its early 1950s level, when the minimum wage was much lower and its coverage less extensive. That year, the federally-mandated Minimum Wage Study Commission concluded that each 10% rise in the minimum wage reduces teenage employment by between 1% and 3%.
unemployment
Increasing The Minimum Wage Decreases Opportunities For Our Nation’s Youth
10 June 1999 1999 Ron Paul 57:15
The minimum wage reduces education and training and increases long-term unemployment for low-skilled adults. Messrs. Neumark and Wascher found that higher minimum wages cause employers to reduce on-the-job training. They also found that higher minimum wages encourage more teenagers to drop out of school, lured into the labor force by wages that to them seem high. These teenagers often displace low-skilled adults, who frequently become semipermanently unemployed. Lacking skills and education, these teenagers pay a price for the minimum wage in the form of lower incomes over their entire lifetimes.
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A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:20
Government statistics are continuously reaffirming our great prosperity with evidence of high and rising wages, no inflation, and high consumer confidence and spending. The U.S. Government still enjoys good credit and a strong currency in relationship to most other currencies of the world. We have no trouble financing our public nor private debt. Housing markets are booming and interest rates remain reasonable by modern day standards. Unemployment is low.
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A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:43
The modern-day welfare state has steadily grown since the Great Depression of the 1930s. The Federal Government is now involved in providing healthcare, houses, unemployment benefits, education, food stamps to millions, plus all kinds of subsidies to every conceivable special interest group. Welfare is now a part of our culture, costing hundreds of billions of dollars every year. It is now thought to be a right, something one is entitled to. Calling it an entitlement makes it sound proper and respectable and not based on theft.
unemployment
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:105
All the price inflation, all the distortions, all the recessions and unemployment should be laid at the doorstep of the Federal Reserve. The Fed is an accomplice in promoting all unnecessary war, as well as the useless and harmful welfare programs, with its willingness to cover Congress’ profligate spending habits.
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MINIMUM WAGE INCREASE ACT
March 9, 2000 2000 Ron Paul 15:2
* Economic principles dictate that when government imposes a minimum wage rate above the market wage rate, it creates a surplus ‘wedge’ between the supply of labor and the demand for labor, leading to an increase in unemployment. Employers cannot simply begin paying more to workers whose marginal productivity does not meet or exceed the law-imposed wage. The only course of action available to the employer is to mechanize operations or employ a higher-skilled worker whose output meets or exceeds the ‘minimum wage.’ This, of course, has the advantage of giving the skilled worker an additional (and government-enforced) advantage over the unskilled worker. For example, where formerly an employer had the option of hiring three unskilled workers at $5 per hour or one skilled worker at $16 per hour, a minimum wage of $6 suddenly leaves the employer only the choice of the skilled worker at an additional cost of $1 per hour. I would ask my colleagues, if the minimum wage is the means to prosperity, why stop at $6.65 — why not $50, $75, or $100 per hour?
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Manipulating Interest Rates
May 15, 2000 2000 Ron Paul 36:3
* Business cycles are well understood. They are not a natural consequence of capitalism but instead result from central bank manipulation of credit. This is especially true when the monetary unit is undefinable as it is in a fiat monetary system, such as ours. Therefore, it is correct to place blame on the Federal Reserve for all depressions/recessions, inflation, and much of the unemployment since 1913. The next downturn, likewise, will be the fault of the Fed.
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The Dollar And Our Current Account Deficit
May 16, 2000 2000 Ron Paul 37:1
* Fiat money, that is, money created out of thin air, causes numerous problems, internationally as well as domestic. It causes domestic price inflation, economic downturns, unemployment, excessive debt, (corporate, personal and government) mal-investment, and over capacity — all very serious and poorly understood by our officials. But fluctuating values of various paper currencies cause all kinds of disruptions in international trade and finance as well.
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Child Support Distribution Act Of 2000
September 7, 2000 2000 Ron Paul 71:2
* I am particularly disturbed by the language expanding the use of the National Directory of New Hires, popularly known as the ‘new hires database’, in order to more effectively administer the unemployment compensation system and deny visas and residency to non-citizens who are delinquent in child support payments. Identifying persons who are failing to fulfill their legal obligation to pay child support is a worthy goal, as an OB-GYN who has delivered over four thousand babies in my over thirty year medical career, words cannot express the contempt I hold for those who would refuse to support their children. Similarly, preventing fraud in the unemployment program is obviously important to the nation’s employers and employees whose taxes finance the unemployment insurance system.
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CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:57
The most recent new era of the 1990s appeared to be an answer to all politicians’ dreams: a good economy, low unemployment, minimal price inflation, a skyrocketing stock market, with capital gains tax revenues flooding the Treasury, thus providing money to accommodate every special-interest demand. But it was too good to be true. It was based on an inflated currency and massive corporate, personal, and government borrowing. A recession was inevitable to pay for the extravagance that many knew was an inherent part of the new era, understanding that abundance without a commensurate amount of work was not achievable.
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CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:71
Inflation is socially disruptive in that the management of fiat money-as all today’s currencies are- causes great hardships. Unemployment is a direct consequence of the constantly recurring recessions. Persistent rising costs impoverish many as the standard of living of unfortunate groups erodes. Because the pain and suffering that comes from monetary debasement is never evenly distributed, certain segments of society can actually benefit.
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CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:145
Why should any of us be concerned about the future, especially if prosperity is all around us? America has been truly blessed. We are involved in no major military conflict. We remain one of the freest nations on earth. Current economic conditions have allowed for low unemployment and a strong dollar, with cheap purchases from overseas, further helping to keep price inflation in check. Violent crimes have been reduced, and civil disorder, such as we saw in the 1960s, is absent.
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POTENTIAL FOR WAR
February 08, 2001 2001 Ron Paul 10:91
Why should any of us be concerned about the future, especially if prosperity is all around us? America has been truly blessed. We are involved in no major military conflicts. We remain one of the freest nations on Earth. Current economic conditions have allowed for low unemployment and a strong dollar, with cheap purchases from overseas further helping to keep price inflation in check. Violent crimes have been reduced; and civil disorder, such as we saw in the 1960s, is absent.
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The Beginning of the End of Fiat Money
March 13, 2001 2001 Ron Paul 18:3
Efforts to achieve peaceful globalist goals are quickly abandoned when the standard of living drops, unemployment rises, stock markets crash and artificially high wages are challenged by market forces. When tight budgets threaten spending cuts, cries for expanding the welfare state drown out any expression of concern for rising deficits.
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Manipulation Of Interest Rates Cause Economic Problems
20 March 2001 2001 Ron Paul 22:12
But the real problem with the inflation when one allows a central bank to destroy its money is twofold. One, it creates an overcapacity or overinvestment, excessive debt that always has to be wiped out and cleaned out of the situation, or economic growth cannot be resumed. Japan has not permitted this to happen, and economic growth has not resumed. That is the most important aspect because that causes the unemployment and that causes the harm to so many people.
unemployment
Foolishness Of Fiat
31 October 2001 2001 Ron Paul 92:9
Since the Federal Reserve first panicked in early January, it has created $830 billion of fiat money out of thin air. The country is no richer. The economy is weaker. The stock market has continued downward, and unemployment has skyrocketed. Returning to deficit spending, as we already have, will not help us any more than it helped Japan, which continues to sink into economic morass.
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Stop Perpetuating the Welfare State
May 16, 2002 2002 Ron Paul 42:8
H.R. 4737 further raises serious privacy concerns by expanding the use of the "New Hires Database" to allow states to use the database to verify unemployment claims. The New Hires Database contains the name and social security number of everyone lawfully employed in the United States. Increasing the states’ ability to identify fraudulent unemployment claims is a worthwhile public policy goal. However, every time Congress authorizes a new use for the New Hires Database it takes a step toward transforming it into a universal national database that can be used by government officials to monitor the lives of American citizens.
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Can We Afford this War?
September 24, 2002 2002 Ron Paul 89:1
Mr. Speaker, a casual analysis of the world economy shows it rapidly deteriorating into recession, with a possible depression on the horizon. Unemployment is sharply rising with price inflation rampant, despite official government inflationary reports. The world’s stock markets continue to collapse, even after trillions of dollars in losses have been recorded in the past 2 years. These losses already have set historic records.
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Unintended Consequences
November 14, 2002 2002 Ron Paul 102:18
Already we’re hearing demands for a military draft to be instituted for both men and women. I see that coming, and it will serve as another source of domestic friction as our economy deteriorates and unemployment rises. Under these conditions the standard of living for all Americans is destined to go down.
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Oppose the Federal Welfare State
February 13, 2003 2003 Ron Paul 22:8
H.R. 4 further raises serious privacy concerns by expanding the use of the “New Hires Database” to allow states to use the database to verify unemployment claims. The New Hires Database contains the name and social security number of everyone lawfully employed in the United States. Increasing the states’ ability to identify fraudulent unemployment claims is a worthwhile public policy goal. However, every time Congress authorizes a new use for the New Hires Database it takes a step toward transforming it into a universal national database that can be used by government officials to monitor the lives of American citizens.
unemployment
The Myth of War Prosperity
March 4, 2003 2003 Ron Paul 28:2
The argument goes that when a country is at war, jobs are created and the economy grows. This is a myth. Many argue that World War II ended the Great Depression, which is another myth. Unemployment went down because many men were drafted, but national economic output went down during the war.
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The Wisdom Of Tax Cuts
6 May 2003 2003 Ron Paul 56:4
The process by which the Fed monetizes debt and accommodates Congress contributes to, if not causes, most of our problems. This process of government financing generates the business cycle and thus increases unemployment. It destroys the value of the dollar and thus causes price inflation. It encourages deficits by reducing restraints on congressional spending. It encourages an increase in the current account deficit, the dollar being the reserve currency of the world, and causes huge foreign indebtedness. It reflects a philosophy of instant gratification that says, live for the pleasures of today and have future generations pay the bills.
unemployment
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:46
The two conditions that result from fiat money that are more likely to concern the people are inflation of prices and unemployment. Unfortunately, few realize these problems are directly related to our monetary system. Instead of demanding reforms, the chorus from both the right and left is for the Fed to do more of the same- only faster. If our problem stems from easy credit and interest-rate manipulation by the Fed, demanding more will not do much to help. Sadly, it will only make our problems worse.
unemployment
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:56
In the short run, the current system gives us a free ride, our paper buys cheap goods from overseas, and foreigners risk all by financing our extravagance. But in the long run, we will surely pay for living beyond our means. Debt will be paid for one way or another. An inflated currency always comes back to haunt those who enjoyed the “benefits” of inflation. Although this process is extremely dangerous, many economists and politicians do not see it as a currency problem and are only too willing to find a villain to attack. Surprisingly the villain is often the foreigner who foolishly takes our paper for useful goods and accommodates us by loaning the proceeds back to us. It’s true that the system encourages exportation of jobs as we buy more and more foreign goods. But nobody understands the Fed role in this, so the cries go out to punish the competition with tariffs. Protectionism is a predictable consequence of paper- money inflation, just as is the impoverishment of an entire middle class. It should surprise no one that even in the boom phase of the 1990s, there were still many people who became poorer. Yet all we hear are calls for more government mischief to correct the problems with tariffs, increased welfare for the poor, increased unemployment benefits, deficit spending, and special interest tax reduction, none of which can solve the problems ingrained in a system that operates with paper money and a central bank.
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A Wise Consistency
February 11, 2004 2004 Ron Paul 2:13
Paper Money, Inflation, and Economic Pain : Paper money and inflation have never provided long-term economic growth, nor have they enhanced freedom. Yet the world, led by the United States, lives with a financial system awash with fiat currencies and historic debt as a consequence. No matter how serious the problems that come from central-bank monetary inflations — the depressions and inflation, unemployment, social chaos, and war — the only answer has been to inflate even more. Except for the Austrian free-market economists, the consensus is that the Great Depression was prolonged and exacerbated by the lack of monetary inflation. This view is held by Alan Greenspan, and reflected in his January 2001 response to the stock market slump and a slower economy — namely a record monetary stimulus and historically low interest rates. The unwillingness to blame the slumps on the Federal Reserve’s previous errors, though the evidence is clear, guarantees that greater problems for the United States and the world economy lie ahead. Though there is adequate information to understand the real cause of the business cycle, the truth and proper policy are not palatable. Closing down the engine of inflation at any point does cause short-term problems that are politically unacceptable. But the alternative is worse, in the long term. It is not unlike a drug addict demanding and getting a fix in order to avoid the withdrawal symptoms. Not getting rid of the addiction is a deadly mistake. While resorting to continued monetary stimulus through credit creation delays the pain and suffering, it inevitably makes the problems much worse. Debt continues to build in all areas — personal, business, and government. Inflated stock prices are propped up, waiting for another collapse. Mal-investment and overcapacity fail to correct. Insolvency proliferates without liquidation. These same errors have been prolonging the correction in Japan for 14 years, with billions of dollars of non-performing loans still on the books. Failure to admit and recognize that fiat money, mismanaged by central banks, gives us most of our economic problems, along with a greater likelihood for war, means we never learn from our mistakes. Our consistent response is to inflate faster and borrow more, which each downturn requires, to keep the economy afloat. Talk about a foolish consistency! It’s time for our leaders to admit the error of their ways, consider the wise consistency of following the advice of our Founders, and reject paper money and central bank inflationary policies.
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Government Spending – A Tax on the Middle Class
July 8, 2004 2004 Ron Paul 52:14
The Fed’s great power over the money supply, interest rates, the business cycle, unemployment, and inflation is wielded with essentially no Congressional oversight or understanding. The process of inflating our currency to pay for government debt indeed imposes a tax without legislative authority.
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Why We Fight
September 8, 2005 2005 Ron Paul 95:53
Instead, we have been forcing on the people of Iraq a type of democracy that, if implemented, will mean an Islamic state under Sharia’ law. Already we read stories of barbers no longer being safe shaving beards; Christians are threatened and forced to leave the country; and burqas are returning out of fear. Unemployment is over 50%, and oil production is still significantly below pre-war levels. These results are not worth fighting and dying for.
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Why Are Americans So Angry?
June 29, 2006 2006 Ron Paul 52:1
I have been involved in politics for over 30 years and have never seen the American people so angry. It’s not unusual to sense a modest amount of outrage, but it seems the anger today is unusually intense and quite possibly worse than ever. It’s not easily explained, but I have some thoughts on this matter. Generally, anger and frustration among people are related to economic conditions; bread and butter issues. Yet today, according to government statistics, things are going well. We have low unemployment, low inflation, more homeowners than ever before, and abundant leisure with abundant luxuries. Even the poor have cell phones, televisions, and computers. Public school is free, and anyone can get free medical care at any emergency room in the country. Almost all taxes are paid by the top 50% of income earners. The lower 50% pay essentially no income taxes, yet general dissatisfaction and anger are commonplace. The old slogan “It’s the economy, stupid,” just doesn’t seem to explain things
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Raising The Minimum Wage
28 July 2006 2006 Ron Paul 73:4
Economic principles dictate that when government imposes a minimum wage rate above the market wage rate, it creates a surplus “wedge” between the supply of labor and the demand for labor, leading to an increase in unemployment. Employers cannot simply begin paying more to workers whose marginal productivity does not meet or exceed the law- imposed wage. The only course of action available to the employer is to mechanize operations or employ a higher-skilled worker whose output meets or exceeds the “minimum wage.” This, of course, has the advantage of giving the skilled worker an additional (and government-enforced) advantage over the unskilled worker. For example, where formerly an employer had the option of hiring three unskilled workers at $5 per hour or one skilled worker at $16 per hour, a minimum wage of $6 suddenly leaves the employer only the choice of the skilled worker at an additional cost of $1 per hour. I would ask my colleagues, if the minimum wage is the means to prosperity, why stop at $6.65 — why not $50, $75, or $100 per hour?
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Milton Friedman
6 December 2006 2006 Ron Paul 100:2
Milton Friedman’s most notable contributions to economic theory where in the area of monetary policy. His 1963 work A Monetary History of the United States 1857–1960, coauthored with Anna Schwartz, was among the first works to emphasize the role Federal Reserve policy played in causing the Great Depression. As Friedman said, “The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.”
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Against Raising The Minimum Wage
10 January 2007 2007 Ron Paul 10:2
Economic principles dictate that when government imposes a minimum wage rate above the market wage rate, it creates a surplus “wedge” between the supply of labor and the demand for labor, leading to an increase in unemployment. Employers cannot simply begin paying more to workers whose marginal productivity does not meet or exceed the law- imposed wage. The only course of action available to the employer is to mechanize operations or employ a higher-skilled worker whose output meets or exceeds the “minimum wage.” This, of course, has the advantage of giving the skilled worker an additional (and government-enforced) advantage over the unskilled worker. For example, where formerly an employer had the option of hiring three unskilled workers at $5 per hour or one skilled worker at $16 per hour, a minimum wage of $6 suddenly leaves the employer only the choice of the skilled worker at an additional cost of $1 per hour. I would ask my colleagues, if the minimum wage is the means to prosperity, why stop at $6.65 — why not $50, $75, or $100 per hour?
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Opening Statement Committee on Financial Services Paulson Hearing
20 June 2007 2007 Ron Paul 71:2
Unemployment numbers, inflation rates, tax revenues, and GDP growth all indicate there is little to worry about.
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Statement before the Financial Services Committee – Humphrey Hawkins Prequel Hearing
17 July 2007 2007 Ron Paul 76:1
During the 30 th year of the Humphrey-Hawkins hearings, it would be helpful for Congress to reassess the usefulness of the Humphrey-Hawkins mandate. The dual mandate calls for full employment and stable prices. Humphrey-Hawkins assumes that the Federal Reserve has unique insights into the United States economy that no one else possesses, that the Federal Reserve knows what prices should be and how much unemployment there should be. Full employment which is brought about through rising inflation will eventually lead to a stagnant economy which will lead to more unemployment. 30+ years after the stagflation era, I would hope that Phillips curves are one of those barbarous relics of the past that have been sent to their graves, along with wage and price controls and bans on the private ownership of gold.
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Statement: “Something Big is Happening”
9 July 2008 2008 Ron Paul 42:10
The financial crisis, still in its early stages, is apparent to everyone: gasoline prices over $4 a gallon; skyrocketing education and medical-care costs; the collapse of the housing bubble; the bursting of the NASDAQ bubble; stock markets plunging; unemployment rising; massive underemployment; excessive government debt; and unmanageable personal debt. Little doubt exists as to whether we’ll get stagflation. The question that will soon be asked is: When will the stagflation become an inflationary depression?
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“The Economic Outlook”
September 24, 2008 2008 Ron Paul 60:5
The housing bubble has burst, unemployment is on the rise, and the dollar weakens every day. Unfortunately our leaders have failed to learn from the mistakes of previous generations and continue to lead us down the road toward economic ruin.
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INTRODUCTION OF BILLS TO HELP THE UNEMPLOYED
March 4, 2009 2009 Ron Paul 22:2
The second bill, the Unemployment Assistance Act, allows unemployed people to make penalty-free withdrawals from accounts such as Roth IRAs and 401(k)s, to cover living expenses, health care, education, and job training expenses. People who make these penalty- free withdrawals while unemployed will be able to replenish their accounts once they have started new jobs.
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INTRODUCTION OF BILLS TO HELP THE UNEMPLOYED
March 4, 2009 2009 Ron Paul 22:3
Madam Speaker, while we may disagree about the best solutions to the economic crisis gripping the nation, I hope my colleagues will at least agree on these commonsense measures and cosponsor the Unemployed Tax Relief Act and the Unemployment Assistance Act.
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Statement at Financial Services Committee Hearing
July 21, 2009 2009 Ron Paul 82:2
Real unemployment is now 20% and there has not been any economic growth since the onset of the crisis in the year 2000, according to non-government statistics. Pyramiding debt and credit expansion, over the past 38 years, has come to an abrupt end – as predicted by free-market economists. Pursuing the same policy of excessive spending, debt expansion, and monetary inflation, can only compound the problems and prevent the required correction. Doubling the money supply didn’t work; quadrupling it won’t work either. The problem of debt must be addressed.
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TRANSPARENCY AT THE FEDERAL RESERVE
December 1, 2009 2009 Ron Paul 100:2
During its 96 years of existence, the Federal Reserve has played havoc with our economy and brought great suffering to millions through unemployment and price escalation. And it has achieved what only a central bank can: A steady depreciation of our currency. Today’s dollar is now worth 4 cents, compared to the dollar entrusted to the Federal Reserve in 1913. Ninety-six years should have been plenty of time for the Fed to come up with a plan for preventing economic crises.
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- Kyoto treaty disregards science for a radical anti-American agenda
15 December 1997 Texas Straight Talk 15 December 1997 verse 10 ... Cached
This treaty will wreck havoc on the US economy if it becomes law. This will force many industries to close their doors here and move to China (or a similar nation) to escape the new regulations, throwing thousands of Americans out of work. Further, limiting the use of coal, gas and related sources will increase energy prices not only for businesses, but the individual consumer as well. So not only will many families be tossed into unemployment lines by these environmental radicals, but many more people will face a reduced standard of living just to heat their homes.
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Greenspan Nominated to a Fourth Term
17 January 2000 Texas Straight Talk 17 January 2000 verse 16 ... Cached
This is not to say that anyone else can do any better than the current chairman in the coming years. Central planning, whether it's in the monetary system or in the economy itself, just doesn't work. The debate should not be over who is best at managing the economy, determining the money supply and knowing the proper interest rates. It should be over whether or not we should have a monetary system that requires its manager to know things he cannot know. Instead of arguing over whether and when interest rates should go up or down, we should debate whether or not market interest rates and commodity money is superior to fiat money in preventing price inflation, recessions and painful periods of unemployment.
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The Fed Cannot Create Prosperity
03 September 2001 Texas Straight Talk 03 September 2001 verse 5 ... Cached
The Japanese economy provides a vivid example of the futility of manipulating interest rates. Japan's central bank began cutting rates more than a decade ago, but the country remains mired in a stagnant economy. Ultimately, interest rates were cut to zero, where they have remained for several years. This rate-cutting has failed to stimulate the economy, however. The Nikkei stock market index remains at 1980s levels, while Japanese unemployment recently reached 5%, the highest rate in decades. The Japanese experience should tell us that prosperity cannot be created out of thin air by a central bank.
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Welfare for the Left, Welfare for the Right, Welfare for the World
03 February 2003 Texas Straight Talk 03 February 2003 verse 7 ... Cached
The administration also wants to spend a whopping $15 billion in Africa to fight AIDS. Again, this is praised as compassionate and progressive policy. But what about the people who are suffering here at home, whether from AIDS or other diseases, poverty, or unemployment? Of course there is absolutely no constitutional authority to send tax dollars overseas. It is unconscionable to tax Americans, especially poor Americans, to supposedly alleviate suffering in other countries.
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The 2003 Spending Orgy
03 March 2003 Texas Straight Talk 03 March 2003 verse 2 ... Cached
Federal tax revenues have dropped dramatically since the stock market peaks of 2000. Rising unemployment continues to reduce the number of taxpayers, while plummeting investor portfolios no longer produce the huge capital gains and dividend revenues that flooded federal coffers in the 1990s. This drop in revenues was of course predictable, given the faltering economy and enormous market losses of the past two years.
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The Myth of War Prosperity
10 March 2003 Texas Straight Talk 10 March 2003 verse 3 ... Cached
There is a commonly-held myth that war creates prosperity. Many believe that World War II ended the Great Depression. Unemployment went down because hundreds of thousands of men were drafted, and factories at home busied themselves with war production. This provided the illusion of a bustling wartime economy. But in truth the economy shrank and GDP plummeted. The hidden costs were enormous, because so much human energy and human capital was expended fighting the war rather than doing productive, specialized work back home.
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Deficits Make You Poorer
14 March 2005 Texas Straight Talk 14 March 2005 verse 10 ... Cached
The economic situation today is reminiscent of the 1970s. The economic malaise of that era resulted from the profligacy of the 1960s, when Congress wildly expanded the welfare state and fought an expensive war in southeast Asia. Large federal deficits led to stagflation-- a combination of high price inflation, high interest rates, high unemployment, and stagnant economic growth. I fear that today’s economic fundamentals are worse than the 1970s: federal deficits are higher, the supply of fiat dollars is much greater, and personal savings rates are much lower. If the federal government won’t stop spending, borrowing, printing, and taxing, we may find ourselves in far worse shape than 30 years ago.
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Rethinking Birthright Citizenship
02 October 2006 Texas Straight Talk 02 October 2006 verse 8 ... Cached
Hospitals bear the costs when illegal immigrants enter the country for the express purpose of giving birth. But illegal immigrants also use emergency rooms, public roads, and public schools. In many cases they are able to obtain Medicaid, food stamps, public housing, and even unemployment benefits. Some have fraudulently collected Social Security benefits.
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Regulation, Free Trade and Mexican Trucks
09 September 2007 Texas Straight Talk 09 September 2007 verse 3 ... Cached
Not only that, but the anti-competitive and burdensome yoke of over-regulation of our industry at home is about to send a lot more Americans to the unemployment lines. The American Trucking industry has been heavily regulated since 1935. The express purpose of The Motor Carrier Act was to eliminate competition through permitting, regulating tariff rates, even approving routes. American trucking companies have been fighting ever since for some relief from the substantial regulatory burdens placed on them. Regulatory compliance is the single most daunting barrier to entry, and eats up huge amounts of profit. Now, to add insult to injury, Mexican trucking companies, not subject to the same onerous standards, will be allowed to roll right in and squeeze American industry further. This will severely undermine the ability of American trucking companies to remain solvent.
unemployment
The True Cost of Taxing and Spending
18 November 2007 Texas Straight Talk 18 November 2007 verse 8 ... Cached
The Heritage Foundation estimates a $3.5 trillion tax increase would be responsible for 2,200 lost jobs in my district alone, over 70,000 lost jobs across Texas . That's 70,000 Texans in unemployment lines, without health insurance for their families. Some Democrats may not want to spend $3.5 trillion on Iraq , but they do want to raise it in new taxes. And, by digging our economy into a deeper hole, they would create a lot more demand for the social programs they propose.
unemployment
Hope for the Economy
02 March 2008 Texas Straight Talk 02 March 2008 verse 2 ... Cached
It is becoming harder and harder for Washington and the mainstream media to ignore the ripple effect the collapse of the housing bubble is having on the economy. Inflation is up, cost of food is up, oil and gold are up, foreclosures are up, unemployment is up, government spending is at record highs, its seems that the only thing down is the value of the dollar. The middle and lower classes are getting squeezed as prices jump and wages stay flat.
Texas Straight Talk from 20 December 1996 to 23 June 2008 (573 editions) are included in this Concordance. Texas Straight Talk after 23 June 2008 is in blog form on Rep. Paul’s Congressional website and is not included in this Concordance.
Remember, not everything in the concordance is Ron Paul’s words. Some things he quoted, and he added some newspaper and magazine articles to the Congressional Record. Check the original speech to see.