Congressman and 2012 Republican Presidential candidate Ron Paul issued the following statement regarding the release of the Congressional Budget Office (CBO) report "Understanding and Responding to Persistently High Unemployment." The report shows that, when those who have given up looking for work and those working part-time but would prefer full-time work are counted, the unemployment rate is actually 15%. The CBO study also projects that the official unemployment rate will remain above 8% until at least 2014. See comments below:
"The CBO report confirms that, despite the happy talk from Washington, the economy remains in crisis. Ironically, this report was released the week of the third anniversary of the passage of the President's stimulus plan, which the President and his Keynesian supporters promised would reduce unemployment to below 8%.
"Clearly, the Keynesian tax-borrow-spend approach favored by the elites of both parties has failed. My Plan to Restore America not only balances the budget in three years, but it will create jobs by permanently extending the Bush-era tax cuts, ending all taxes on personal savings, and lowering the corporate tax rate to 15%.
"The plan allows American companies to repatriate capital without additional taxation. Repatriation alone will bring trillions of dollars into the economy.
"My Plan to Restore America also begins to rein in the Federal Reserve by conducting a full audit of the Fed and legalizing competing currencies so the American people can protect themselves from the economic chaos caused by the Fed.
"The Plan to Restore America frees American entrepreneurs and workers from unconstitutional, job-destroying regulations. On my first day as President, I will order the federal bureaucracy to stop enforcing the unconstitutional National Health Care, Dodd-Frank, and Sarbanes-Oxley laws. I will also impose an immediate moratorium on all new regulations.
"Of the five men seeking the presidency in the major parties -- President Obama, Governor Romney, Speaker Gingrich, Senator Santorum, and myself -- I am the only one who predicted the economic meltdown and the only one who has proposed a serious plan to balance the budget, reduce taxes, and create jobs."