Ron Paul's Vision for a Smaller Government: A Congressionally Mandated Perspective

When Ron Paul was first elected to Congress in 1976, Jimmy Carter was president, inflation was 11 percent, and the Cold War was in full swing. Times have changed, but Paul's steadfast commitment to small government and individual freedoms has remained a constant. His 2008 presidential campaign inspired a movement that would eventually become known as the tea party. Now, Paul is seeking to consolidate his energies on a new presidential run, leaving behind the 14th district of Texas, where he has represented constituents for over three decades.

Key Takeaways:

Ron Paul's decision to leave Congress and focus on his presidential campaign reflects his commitment to limiting government power and promoting individual liberties.
Paul criticized the Federal Reserve, arguing that it creates financial bubbles and has contributed to the country's economic woes, including the national debt.
He advocated for a balanced budget, reduced foreign intervention, and a return to the gold standard as a means to stabilize the currency and prevent inflation.
Paul also questioned the debt ceiling, suggesting that raising it would only enable the government to continue its reckless spending.
His stance on the Fed is driven by concerns that the central bank's actions have led to hidden inflation and have enabled governments to default on their debt through currency devaluation.
Paul believes that if he had control of the printing press, he could make profits, but argues that the Fed's actions amount to printing money and buying "junk" securities to bail out banks and corporations.
Despite criticisms of his views on the economy, Paul asserts that his support is solid and optimistic about his chances in the 2012 presidential election.

Statistics:

Inflation: 11% (during Jimmy Carter's presidency)
National debt increase: $5 trillion (in the past three years)
Federal Reserve profits: $125 billion (in recent years)
Unemployment: stagnant due to artificially low interest rates (caused by the Fed)
Price inflation: according to free market economists, over 9% (using the CPI)

Sources:

CNN Interview with Representative Ron Paul (R-TX), conducted by Randi Kaye on July 16, 2011