US Pres. hopeful warns of economic doomsday - by Michael Coburn
Likely presidential candidate Rep. Ron Paul, R-Texas, warned of an impending collapse of the U.S. economy during a fireside chat at Sigma Alpha Epsilon fraternity Saturday. Paul represents the libertarian wing of the Republican party and was known as "Doctor No" for his opposition to government spending bills and his votes against most forms of government regulation. Some of Paul's chief goals are the abolishment of the income tax and the IRS and the gradual replacement of the Federal Reserve by the gold standard.
Paul used the chat as an opportunity to warn the audience about what he called the "grave state" of the American economy. According to Paul, Congress simply does not have enough revenue to finance the government's programs, and is forced to borrow and use the Federal Reserve to print enough money to keep the government afloat.
"If we collected all the taxes we needed today, our system would collapse." Paul said. "We delay payment to delay the crash. We borrow almost $3 billion a day to pay for what we have created."
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