A few remarks from the Wall street Journal’s Stephen Moore, speaking at the Americans For Prosperity Defending the American Dream summit in Wichita, Kansas:
Let’s get rid of the federal income tax, he said. It would turn the country around in a month. Or a flat tax. These are the remedies that we need.
You have to be a total dingbat to believe that the problem is that the federal government isn’t spending enough money. Over the last eight years, the U.S. Federal budget has climbed from 2 to 3.5 trillion dollars. The deficit in 2009 is going to be $1.2 trillion. That doesn’t include the economic stimulus plan. With all included, $2.1 trillion. It’s fiscal child abuse.
We do not need a new New Deal. We’ve let the Left write the history books.
FDR was elected in 1932, on a platform of balancing the budget. Over first 8 years, average unemployment rate was 16%. In 1934, 25%. Even after 8 years after spending binge, by 1941, it was 15.5%. How can anyone conclude the New Deal worked?
We are in the fight of our lifetimes. We can’t allow them to destroy our economy with government programs. From Ronald Reagan’s 1980 inauguration: “All of our economic problems today in America are in direct proportion to the overspending in Washington.”
Our spending is completely out of control.
Ireland became a magnet for capital by reducing tax rates.
Can we agree: “No more federal bailouts.”
With one trillion dollars, we could suspend the federal income tax for a year.
Who is most responsible for the crisis today: Alan Greenspan. We printed so much money in the mid 2000s. We were subsidizing banks to make loans. Lead to subprime lending problem.
What’s been happening to the money supply? Over the last 6 months, the supply has increased by 60%. Friend at the Treasury: “We are printing money so rapidly, that the only thing that can slow us down is if we run out of ink.” This causes inflation.
“We should go back to the gold standard, so that the politicians can’t control our currency.”