Asked about his Federal Reserve Transparency Act, commonly referred to as the “Audit the Fed” bill, that would allow the Government Accountability Office to examine and critique all monetary and policy decisions made by the Federal Reserve, Paul said that we desperately need it. According to him, it’s a huge problem that an organization as powerful as the Federal Reserve is allowed to lobby on the hill. We need to “examine how the Fed has been part of the problem,” Paul said, including how it’s caused income inequality and the housing boom and crisis.
Paul also thinks that we need to free up interest rates and that there should be “no price controls on the price of money.” The senator didn’t get too much speaking time compared to the other candidates, who sparred with each other and criticized the moderators on their questions. Many independent economists think that Paul’s “Audit the Fed” bill would be a terrible choice, according to the Wall Street Journal.
When asked if Reagan was right to oppose socialism and Medicare, Rand Paul said that when we’re faced with the problem of what works better —the private marketplace or government — the answer is usually the former. We have to acknowledge, Paul said, that the federal government doesn’t do a good job in establishing safety nets. The problem with Medicare, according to Paul, is a mismatch in that the average person pays $100,000 in taxes but takes out $300,000. He added that something has to change and for Paul, that means that the eligibility age will have to rise for Social Security.
Paul began his closing statement with, “Liberty thrives when government is small. I want a government so small that I can barely see it.” According to Paul, a small government would allow the individual to thrive and prosper. Paul warned people that this week in Washington they’ll see big Republicans and the president trying to raise the debit ceiling in an extraordinary fashion, which he thinks is very wrong. Expect to see Paul filibustering Thursday on the floor in the Senate. He closed his time on the debate floor with his second rendition of, “Enough’s enough. No more debt.”
Throughout the debate, Kasich fell silent compared to his fellow competitors. When given the chance to speak, Kasich relied on his accolades from his time as governor of Ohio. Yet, with every statement, he danced around questions, giving no straight-forward answer. Kasich urged the American people that rebuilding the country begins on the domestic front of families and neighborhoods. He left with the final words, “God bless America.”