Taken from the website ronpaul2008.com
(side note: Unlike most of the other candidates, I found his plan not to be as verbose or detailed. This could either a good or bad thing depending on what you are looking for. If any Ron Paul supporters or member of his campagin wishes to expound on his economic plan, please forward that information to me.)
Debt and Taxes
Working Americans like lower taxes. So do I. Lower taxes benefit all of us, creating jobs and allowing us to make more decisions for ourselves about our lives.
Whether a tax cut reduces a single mother’s payroll taxes by $40 a month or allows a business owner to save thousands in capital gains taxes and hire more employees, that tax cut is a good thing. Lower taxes allow more spending, saving, and investing which helps the economy — that means all of us.
Real conservatives have always supported low taxes and low spending.
But today, too many politicians and lobbyists are spending America into ruin. We are nine trillion dollars in debt as a nation. Our mounting government debt endangers the financial future of our children and grandchildren. If we don’t cut spending now, higher taxes and economic disaster will be in their future — and yours.
In addition, the Federal Reserve, our central bank, fosters runaway debt by increasing the money supply — making each dollar in your pocket worth less. The Fed is a private bank run by unelected officials who are not required to be open or accountable to “we the people.”
Worse, our economy and our very independence as a nation is increasingly in the hands of foreign governments such as China and Saudi Arabia, because their central banks also finance our runaway spending.
We cannot continue to allow private banks, wasteful agencies, lobbyists, corporations on welfare, and governments collecting foreign aid to dictate the size of our ballooning budget. We need a new method to prioritize our spending. It’s called the Constitution of the United States.
The Inflation Tax
Today, the federal government burdens us with one of the most dangerous taxes it can impose — the inflation tax. When the federal government finds that it cannot afford its out-of-control spending, and is unwilling to directly tax the public, it resorts simply to creating the money out of thin air.
Inflating the money supply is the easiest form of financing the government. The Federal Reserve, an unelected and unaccountable private organization, pumps more dollars into the economy whenever it chooses. Because the public is forced to accept these bills, the Fed essentially gets away with legally counterfeiting. We cannot possibly expect the government to control spending when it has a blank checkbook.
This greatly benefits the politicians and special interests — they are able to finance the massive welfare-warfare state. But how does this inflation affect you?
Basic economics tells us that the more there is of a good, the less valuable it becomes. This is also true of money. The dollar is worth four cents of what it was when the Federal Reserve was created in 1913.
Day by day, every dollar you have is being devalued. You pay an inflation tax without even realizing it because you are forced by a falling dollar to pay more for goods and services.
The disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation, are some of the greatest threats facing our nation today. It is this one-two punch — Congress spending more than it can tax or borrow, and the Treasury printing money to make up the difference — that threatens to impoverish us by further destroying the value of our dollars.
By legalizing competing currencies, we can end the Federal Reserve’s stranglehold on our money supply and begin to restore value to the dollar. But Congress will continue to spend extravagantly until we the people make our views known at the ballot box.
Social Security
Our nation’s promise to its seniors, once considered a sacred trust, has become little more than a tool for politicians to scare retirees while robbing them of their promised benefits. Today, the Social Security system is broke and broken.
Those in the system are seeing their benefits dwindle due to higher taxes, increasing inflation, and irresponsible public spending.
The proposed solutions, ranging from lower benefits to higher taxes to increasing the age of eligibility, are NOT solutions; they are betrayals.
Imposing any tax on Social Security benefits is unfair and illogical. In Congress, I have introduced the Senior Citizens Tax Elimination Act (H.R. 191), which repeals ALL taxes on Social Security benefits, to eliminate political theft of our seniors’ income and raise their standard of living.
Solvency is the key to keeping our promise to our seniors, and I have introduced the Social Security Preservation Act (H.R. 219) to ensure that money paid into the system is only used for Social Security.
It is fundamentally unfair to give benefits to anyone who has not paid into the system. The Social Security for Americans Only Act (H.R. 190) ends the drain on Social Security caused by illegal aliens seeking the fruits of your labor.
We must also address the desire of younger workers to save and invest on their own. We should cut payroll taxes and give workers the opportunity to seek better returns in the private market.
Excessive government spending has created the insolvency crisis in Social Security. We must significantly reduce spending so that our nation can keep its promise to our seniors.
