Today, Congressman and 2012 Republican Presidential Candidate Ron Paul issued the following statement regarding yesterday's report that the official unemployment rate--which understates the actual amount of unemployment in the economy-- remains over 8 percent in February, the same month that saw the Federal government run the biggest monthly deficit in history.
"In 2009, President Obama's economic advisors said his big-spending "stimulus' bill would reduce unemployment to less than 8 percent. In 2011, President Obama and Congressional leaders promised the American people they would reduce the deficit. Today's announcements that the official unemployment rate--which understates that true amount of unemployment-- increased in February while the federal deficit reached historic levels provides further proof of the failure of the Keynesian spend-borrow-tax-and inflate policies embraced by the beltway leadership of both parties.
"Of the five men seeking the Presidential nomination of a major party--President Obama, Governor Romney, Senator Santorum, Speaker Gingrich, and myself-- I am the only one who has proposed a serious plan to address both the Federal deficit and the unemployment crisis.
"My Restore America Now Plan cuts $1 trillion in the first year and balances the budget by the third year of my Presidency. It accomplishes this goal by eliminating five cabinet departments--Education, Commerce, HUD, Energy, and Interior--, ending corporate welfare, ending all foreign aid and foreign wars, and reducing most other federal spending to Fiscal Year 2006 levels.
"The Restore America Now Plan also jump-starts the economy by permanently exiting all Bush-ear tax cuts, lowering corporate tax rates to 15%, allowing American companies to repatriate foreign capital without additional taxation--thus injecting trillions of dollars into America's capital markets-- and ending all taxes on personal savings. The Restore America Now Plan also frees American entrepreneurs and workers from job-destroying regulations by repealing Obamacare, Dodd-Frank, and Sarbanes-Oxley, as well as placing a moratorium on all federal regulations.
"Of all the candidates for President I am the only one with a consistent history of working to limit federal spending, federal regulation, and federal taxes. Americans looking for a candidate serious about putting America back to work by limiting government have one clear choice."