Ron Paul: Obama Stimulus Package Will Turn Recession Into Depression

The Congressman also appeared on MSNBC this morning to discuss the same issue.

One commentator suggested that Paul's analysis was misguided because "The house is already on fire" and something must be done to put it out.

"You are correct, the house is on fire," Paul fired back, "and you think you're putting water on it, but I think you are pouring kerosene on it." he added.

"We got into this mess by spending too much, borrowing too much and inflating too much. Government was too big and we had too many regulations. We had rejected the market economy for decades, we have rejected the notion of sound money for decades, and we got into a mess this way. So what is the proposal? Spend more money, borrow more money, print more money, regulate more, it makes no sense whatsoever." Paul asserted.

The Congressman suggested that a more sound approach to the crisis would be to abolish income tax and business tax to get Americans spending, whilst simultaneously cutting overseas spending to cover revenue losses.

"But the problem is no one wants to cut the American Empire," Paul explained.

"Even Obama's administration wants to increase spending overseas and increase military spending. As long as you want to run the world empire at a trillion dollars a year, believe me you cannot solve this problem." he added.

Category:

Education

Tags:

• Ron
• Paul
• Barack
• Obama
• Stimulus
• Package
• Depression
• The
• Great
• Economy
• Collapse
• Economic
• Recession

[TheZnipR]

ron paul for president! greetings from germany!

[RichHartford74]

Ron Paul 2012

[TOTCD]

@Jacoby515 I also believe that liberty and individualism and strong moral principles are the key to maintain American greatness.

But I don't agree with you when you say decline?!

Power is relative. Heck the US has been declining ever since the 60's.

The Soviet Union was supposed to bury us.

The Japanese super-state was supposed to surpass us and be the next big thing.

Now it's China and India. We need to maintain our republic. And stop listening to outsiders about the 'decline' of America

[Jacoby515]

@TOTCD The next 10 years points out our decline similar to Rome but it isn't fully addressing the problem. For us to last longer as a nation under the Constitution. Majority of Americans need to know the spirit of individualism and strong moral principles. That develops frugality and incentive to better yourself as a person and everybody is doing right for themselves and when they succeed, they bless others via charity. America once stood upon that but it has deteriorated.

[TOTCD]

@Jacoby515 Okay I suggest you read

' the next decade ' by George Friedman.

And 'the next 100 years' by George Friedman.

I'm not trying to make an ass out of you.

[Jacoby515]

@TOTCD Guessing is a fancy term for assuming. Making an ass out of you and me isn't a great way to predict a horrible future. But go ahead thats your opinion, it doesn't bother me.

[TOTCD]

@Jacoby515 We'll see about that friend.

We'll see about that.

My guess is we're headed towards a recovery.

And there won't be a another crash anytime soon.

[Jacoby515]

@TOTCD The collapse of MF Global is the beginning, the hyperinflation is around the corner since the Fed continues to print money out of thin air. Right now we are in a stagnant bubble created by the Fed and once that bubble burst, we are all gonna feel the harsh effects. The reality of that is starting in Europe, our bubble is still in tact but like any bubble, they eventually pop. Thank you Bush and Obama.

[TOTCD]

@Jacoby515 You're right it didn't.

And where is that depression Ron Paul said would happen?!

[Jacoby515]

@TOTCD yeah and the stimulus did it's job, keep us below 8 percent unemployment.