Ron Paul tackles spending in clear terms

As both Politico and the WSJ are reporting, Congressman Ron Paul is announcing his detailed economic plan this week. From what I see, I like it. Here are some highlights:

1) Reduce the size of government: Education, Commerce, Energy, Interior and Housing and Urban Development, including a total 10% reduction in the federal labor pool.

2) Repeal major regulations: Obamacare, Dodd / Frank and Sarbanes-Oxley (SOX)*

3) Increase transparency: Audit the Federal Reserve

4) Share the sacrifice: As POTUS, he would not accept the $400,000 annual salary that Obama takes. Ron Paul would accept only America’s median annual income, $39,336.

5) Keep America’s promise to veterans and seniors: No changes to funding for programs such as Social Security and Medicare for current participants.

Detailed, yet simple. And no, it’s not as simple as “9-9-9, jobs, jobs, jobs,” but then it seems that Herman Cain doesn’t have any substance to that sound bite. I think Newt’s response – that “9-9-9” sounds interesting, but how will it play in New Hampshire (where there is no sales tax) – pretty much says it all to me.

The other nice thing about Ron Paul’s plan is that it seems to be more focused on the spending side, rather than the tax side. And we all know that it’s the spending side – not the tax side – that drives our unsustainable debt.

Tim White

* I’ve experienced SOX first hand. It could easily – and appropriately – be replaced with enforcement of anti-fraud laws.