Monday, Feb 9th, 2009
Texas Congressman and member of the House Financial Services Committee, Ron Paul, has slammed Republican opposition to the latest proposed stimulus bill, saying it cannot make up for the last eight years of unfettered spending.
"In some ways, it’s too little too late," Paul said in a video address on his Campaign for Liberty Website. "it’s like they’re born-again budget conservatives."
"Where were we in the past eight years, when we could have done something? It is the last eight years that has set this situation up. So we can’t blame the Democrats for the conditions we have." Paul continued.
"We have to blame both parties and presidents of the last several decades to have generated this huge government."
The Congressman also slammed three Senate Republicans for voting with the bill.
"It’s unfortunate that the three Republicans caved in and went with the Democrats." Paul said, referring to GOP senators Sens. Susan Collins and Olympia Snowe, both of Maine, and Sen. Arlen Specter of Pennsylvania.
The Congressman also criticized the proposed stimulus, calling it a "pure spending package" and pointed out that the so called "compromise", that will see the bill cut to $780 billion, is nothing of the sort.
"This is not unusual in Washington, to propose a higher number and then pretend you’re acting fiscally conservative by cutting back." Paul explained.
The Congressman also explained why the federal government should not have the responsibility of overseeing the revival of the economy.
"They create money out of thin air, keep low interest rates artificially, and cause people to do things they wouldn’t have otherwise done. They malinvest, they build too many houses."
"Sure, we want more spending," Paul said. "We need a lot more spending in the economy, but it has to be done by market forces, by individuals, by businesses making proper decisions."
"Most people think that inflation is only high prices, but that is just one of the consequences of inflation. Inflation is the distortion of interest rates in the money supply which causes people to do dumb things."
"The bigger problem is that the Fed is still intact, secretly passing out trillions of dollars, causing people to make more and more mistakes." Paul said.
Watch the video: