Rick Perry on Budget & Economy
Republican Governor (TX)
PERRY: The preparation to be the most powerful individual in the world requires an extraordinary amount of work: not just having been the governor of the 12th largest economy in the world, which I might add, we added 1.5 million jobs during that period of time over that 2007 through 2014 period, a period when America was going through the most deep recession it had been through since the Great Depression. I think Americans want someone to have a track record of showing them how to get this country back on record, someone who will stand up and every day project that best days of America are in front of us. And I will assure you, as the governor of the state of Texas, and as those last four years have shown me, the preparation to be ready to stand on this stage and talk about those monetary policies, those domestic policies, and those foreign policies, Americans are going to see that I am ready to be that individual.
Perry: I talked about smart regulations. There's a difference between more regulation and Dodd-Frank, [the banking regulation law]. Dodd-Frank drove community banks out of business. I used to be on a small bank board back in Haskell County in Texas, and I know what these regulations are doing. I think it makes a lot of sense for us to have these big banks. You realize that the six largest banks in the country have 61% of the mortgages now. It's a stunning number. We're seeing Freddie and Fannie Mae back in the business of having small down payments to be able to get a loan.
A: We're fed up by seeing Wall Street get treated specially, and you can't even get a loan from your community bank because of Dodd-Frank banking regulations. All of that has to change.
Q: What are you going to do about Wall Street, then?
A: Well, regulate 'em. I mean, regulate 'em to make sure that doesn't happen. If they make bad decisions, let them live with those bad decisions; don't bail them out.
Q: Isn't that what Dodd-Frank is, regulations? You were just saying that was bad.
A: Dodd-Frank is killing the community banks, overregulation in that sense. There needs to be some wisdom. My home state, one of the things that we were successful with was finding that balance between protecting the citizens and allowing the freedom for folks to grow, to be able to get loans, to be able do the things that really matter. Dodd-Frank just codifies into place these regulations.
We didn't get "cut, cap and balance." So what DID we get? A whole lot of talk, some good intentions, but no resolution to our debt crisis.
PAUL: I have learned that you should never give up on your opposition. Because if you're persistent, and you present your case, they will come your way. So Rick, I appreciate it. You're open to the federal reserve. That's wonderful. But I work from the assumption that freedom brings people together.
PERRY: It's the entitlement programs that are eating up this huge amount of money. When you look at Medicaid, Medicare, Social Security, and those unfunded liabilities, I think are over $115 trillion just in those three programs. Those are the places where you go where you have to make the really hard decisions in this country.
Q: What order are the cuts? You didn't mention defense spending.
PERRY: Well, obviously, Social Security is one of those where we either can go to a blended type of a program where we blend price and wages, and come up with a program, and can save billions of dollars there.
PERRY: Texas had the 6th-lowest debt per capita when I started as governor in 2000. And today, Texas has the 2nd-lowest debt per capita in the US. I think that's what America's looking for, is a president that understands how to balance budgets, how to deal with the spending issue and how to get Americans back working again.
CAIN: Two things: Present a bold plan to grow this economy. It starts with throwing out the current tax code and putting in the 9-9-9 plan. Secondly, get serious about bringing down the national debt. The only way we're going to do that is the first year that I'm president and I oversee a fiscal year budget, make sure that revenues equals spending. If we stop adding to the national debt, we can bring it down. So the answer is, we must grow this economy with a bold solution, which is why I've proposed 9-9-9 and at same time get serious about not creating annual deficits, so we can bring the national debt. That will re-establish confidence in our system, and I believe we could get our credit rating back.
PERRY: I've signed six balanced budgets as the governor of Texas. Working with folks on both sides of the aisle and--and bringing ideas, whether it's ways to redo your tax structure or what have you.
PERRY: Pres. Reagan was willing to trade tax increases for reductions, and I don't think he ever saw those reductions, he just saw the tax increase. As a matter of fact, in his diary he made that statement that he's still looking around for those reductions. One of the reasons that Americans are so untrustworthy of what's going on in Washington is because they never see a cut in spending. They always hear the siren song, "if you'll allow us to raise taxes, then we'll make these reductions over here," when the fact of the matter is the issue is we need to have a balanced budget amendment to the United States Constitution. And the next president of the United States needs to spend his time passing a balanced budget amendment to the United States Constitution.
PERRY: And he's going to pay for them all with raising your taxes. That is the issue. He had $800 billion worth of stimulus in the first round of stimulus. It created zero jobs, $400-plus billion dollars in this package. And I can do the math on that one. Half of zero jobs is going to be zero jobs.
Q: So whenever the president supports tax cuts, that has to be balanced with spending cuts?
PERRY: I would suggest to you that people are tired of spending money we don't have on programs we don't want.
BACHMANN: As president, I would not be reappointing Ben Bernanke. With the $700 billion bailout, the Federal Reserve was making loans to private American businesses. And not only that, they're making loans to foreign governments.
Q: Do you agree with Gov. Perry that Ben Bernanke is engaged in treason?
BACHMANN: Well, that's for Gov. Perry to make that decision. My opinion is, I would not reappoint Ben Bernanke.
Q: You stand by those remarks, Governor?
PERRY: I said that, if you are allowing the Federal Reserve to be used for political purposes, that it would be almost treasonous. I think that is a very clear statement of fact. I am not a fan of the current chairman allowing that Federal Reserve to be used to cover up bad fiscal policy by this administration. And that, I will suggest to you, is what we have seen.
PERRY: I join my fellow participants here. What we should have been looking at is a way to get the spending under control and capping it, cutting it, and getting a balanced budget amendment. When you get a balanced budget amendment in Washington, D.C., you will finally start getting the snake's head cut off. I mean, the fact of the matter is, until you get a balanced budget amendment--I don't care whether Democrats or Republicans are going to be in control in Washington, D.C.--balanced budget amendment, and then the American people can go to sleep at night with a little more comfort that they're going to wake up and not be broke in the morning.
“This budget meets important state needs-like education, health and criminal justice-and appropriately invests in the future, without raising taxes. The Texas economy is strong, but cooling, and that requires increased caution in the state budget. This proposal balances the competing demands for state resources and does so in a fiscally responsible manner.” The nation’s and the state’s cooling economy dictate that most of the increased spending go toward maintaining current government services.
[The Cut-Cap-and-Balance Pledge is sponsored by a coalition of several hundred Tea Party, limited-government, and conservative organizations].
Despite our nation's staggering $14.4 trillion debt, there are many Members of the U.S. House and Senate who want to raise our nation's debt limit without making permanent reforms in our fiscal policies. We believe that this is a fiscally irresponsible position that would place America on the Road to Ruin. At the same time, we believe that the current debate over raising the debt limit provides a historic opportunity to focus public attention, and then public policy, on a path to a balanced budget and paying down our debt.
We believe that the "Cut, Cap, Balance" plan for substantial spending cuts in FY 2012, a statutory spending cap, and Congressional passage of a Balanced Budget Amendment to the Constitution is the minimum necessary precondition to raising the debt limit. The ultimate goal is to get us back to a point where increases in the debt limit are no longer necessary. If you agree, take the Cut, Cap, Balance Pledge!
I pledge to urge my Senators and Member of the House of Representatives to oppose any debt limit increase unless all three of the following conditions have been met:
- Cut: Substantial cuts in spending that will reduce the deficit next year and thereafter.
- Cap: Enforceable spending caps that will put federal spending on a path to a balanced budget.
- Balance: Congressional passage of a Balanced Budget Amendment to the U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.
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