On Friday, Sen. Ted Cruz spent several segments on CNBC’s Squawk Box outlining what he would do to improve the economy as president. I don’t believe Cruz has ever gone into as much detail as he did during this discussion.
Cruz explained that growth is foundational in reigniting our lifeless economy, and particularly in getting a handle on the national debt:
“Every other problem that we’ve got, whether it’s unemployment, whether it’s the debt and the deficit, whether it’s strengthening and preserving social security and medicare, or whether it is rebuilding our military and keeping us save, you’ve got to have growth to make it work. And we have been trapped in stagnation for the last seven years and if we don’t turn that around, nothing else gets fixed.”
Cruz discussed the anemic nature of the average economic growth under the last seven years of the Obama administration (between 1 and 2 percent). He emphasized that proper economic policy must focus on growth as Ronald Reagan did. Not only does a growing economy combat unemployment and low wages, but it produces the revenue needed to fund America’s entitlements and military. Because America is so saddled with debt, Cruz stressed that economic growth is the economy and the country’s only way out of turmoil.
Regulations like minimum wage, environmental laws, and Obamacare, Cruz stressed, are especially damaging to small businesses. It is important to know that two-thirds of all new jobs come from small businesses.
“If I am president, my priority as president will be lifting the tax burdens and lifting the regulatory burdens [of small businesses].”
Regarding money, Sen. Cruz said America and its economy is in dire need of monetary stability:
“I think monetary policy should not be targeting a strong dollar or a weak dollar. It should be a stable dollar. The problem is the history of the Fed has not been very good in terms of being smarter than the market … I think we’re far better having a rules-based monetary policy, ideally with some tie to gold so that you just have stable dollars. So that you know that when you’re investing a dollar today, you know that the dollar is going to keep a consistent worth rather than fluctuate wildly.”
It’s a long video clip, but I highly recommend watching the whole thing:
Featured image via YouTube
