Republican Presidential hopeful Ron Paul recently unveiled his “Plan To Restore America.” (PDF) The 11 page plan includes his proposed budget that among other things; cuts $1 trillion in spending during the first year, eliminates five cabinet departments (Energy, HUD, Commerce, Interior, and Education), abolishes the Transportation Security Administration and returns responsibility for security to private property owners, abolishes corporate subsidies, stops foreign aid, ends foreign wars, and returns most other spending to 2006 levels ($2.7 trillion). Paul’s proposed spending cuts also include a “10% reduction in the federal workforce, slashes Congressional pay and perks, and curbs excessive federal travel.”
If elected, “President Paul will take a salary of $39,336, approximately equal to the median personal income of the American worker.”
Paul’s plan also, “[l]owers the corporate tax rate to 15%, making America competitive in the global market. Allows American companies to repatriate capital without additional taxation, spurring trillions in new investment. Extends all Bush tax cuts. Abolishes the Death Tax. Ends taxes on personal savings, allowing families to build a nest egg.”
Additionally, the plan “Repeals ObamaCare, Dodd-Frank, and Sarbanes-Oxley. Mandates REINS-style requirements for thorough congressional review and authorization before implementing any new regulations issued by bureaucrats. President Paul will also cancel all onerous regulations previously issued by Executive Order.”
Additionally, Paul would audit the Federal Reserve and implement competing currency legislation to strengthen the dollar and stabilize/curb inflation.
While this plan, from a libertarian perspective, is better than anything proposed by anyone else in either major party, it falls short of my expectations. In addition to the cuts proposed, I would prefer to see a plan that eliminates the postal monopoly, and abolishes Homeland Security, the DEA, EPA, IRS & Federal Reserve (for starters) with spending cuts to at least 1998 levels ($1.7 trillion). I would also like to see a plan that requires Congress to read each piece of legislation before it is allowed to be brought up for a vote and also requires that legislation cite Constitutional authority for such action being proposed.
However, I realize that in politics one must be willing to compromise. And if I were only being offered the choice between Ron Paul’s “Plan To Restore America” or any plan advocated by any other Presidential candidate from the Republicratic Duopoly; I would choose the “Plan to Restore America.”
Update by SV: I’ve embedded the PDF with scribd: