An economic debate is obviously Paul's time to shine, so expect the focus to be on Herman Cain's sexual accusations rather than economic policy of the candidates.
In his opening statement Op-Ed, Paul presents his economic plan, which includes:
-Cancelling all unconstitutional regulations issued by Executive Order
-Slashing spending by $1 Trillion during year 1, and balancing the federal budget by year 3
-Laboring tirelessly for a STRONG CURRENCY, like one backed by gold
My “Plan to Restore America” delivers a true balanced budget in year three of a Paul presidency.
I am the only candidate talking seriously about balancing the budget and presenting the public with a full plan to confront our nation’s challenges.
First, my plan would cut $1 trillion in spending during my presidency’s first year, eliminating five cabinet departments (Energy, HUD, Commerce, Interior, and Education), abolishing corporate subsidies, stopping foreign aid, ending foreign wars, and returning most other spending to 2006 levels. Eliminating these unconstitutional departments would bring America closer to the vision of our Founders, who warned against the growth, cost, and policing powers of government.
Next, my plan addresses the entitlement issues that many other politicians are afraid to tackle. We can honor our promises to our seniors and veterans while allowing young workers to opt out of the system so they can keep more of what they earn and take on the responsibility they want to have for their own retirements.
Under my plan, Medicaid and other welfare programs would be funded using block grants to allow States the flexibility and ingenuity they need to solve their own unique problems without harming those currently relying on the programs. States were always intended to be independent from a high degree of federal meddling, and our leaders’ willingness to violate that fundamental principle is one of the many reasons America currently finds itself in such a dire situation.
My plan also cuts waste by reducing the federal workforce by 10 percent, slashing Congressional pay and perks, and curbing excessive federal travel. Also, as President, I will accept a salary of no more than $39,336. This is an amount approximately equal to the median personal income of the American worker.
To help provide an environment where our economy can grow, my plan lowers the corporate tax rate to 15 percent, making America competitive globally. It allows American companies to repatriate capital without additional taxation, spurring trillions in new investment, and it extends all Bush-era tax cuts. I would also work to end taxes on personal savings, allowing families to build a nest egg and offering them a way to plan for retirement that our nightmarish tax code currently denies them.
Growth in government brings with it a regulatory footprint that stifles businesses, whose profits would be better reinvested in hiring new workers than in worrying about compliance with thousands of ever-changing federal regulations. That’s why my plan repeals regulatory monsters like ObamaCare, Dodd-Frank, and Sarbanes-Oxley, which cause businesses to pass compliance costs on to customers or establish their headquarters in more business-friendly places.
I will fight to mandate REINS-style requirements for thorough congressional review and approval before bureaucrats are allowed to implement any new regulations, and I will cancel all onerous and unconstitutional regulations previously issued by Executive Order.
I entered public service to bring attention to the dire consequences of our nation’s full abandonment of a sound money system, which has fueled the business cycle and crippled our economy. Returning to a strong currency, like one backed by gold, is something I would tirelessly labor for as President. That is why my plan calls for a full audit of the Federal Reserve and implements competing currency legislation to strengthen the dollar and stabilize the inflation that drives up costs, ruins savings, and weakens our nation.
Read the rest of Paul's Opening Statement at CNBC: