The prize for the most stupid comment of the debate goes to Senator John McCain for saying that he wished “interest rates were zero”. Senator McCain also said that he did not understand monetary policy, so he could just have been joking, but as he has previously expressed admiration for Alan ‘Credit Bubble’ Greenspan I can not be sure. Senator McCain also had problems hearing some of the questions – although no one else had a problem with this.
Ron Paul gave a good explanation of the bad effects of the expansion of the money supply by the Federal Reserve system. This explanation was clearly wasted on John McCain, who suggested in total seriousness that Ron Paul read Adam Smith’s ‘Wealth of Nations’ – which is absurd as Ron Paul has indeed read this book, and moreover because it showed that Senator McCain had misunderstood Congressman Paul to mean that the rich are rich because the poor are poor – when what Ron Paul was saying was that one of the bad effects of an expansion in the credit-money supply is that it tends to help rich people at the expense of the poor (which is not the same thing at all).
However, Congressman Paul did rather spoil things by waving his arms about and by the way his voice goes up and down for no reason. Still this is a matter of style – other people may like the Congressman’s style. What is not a matter of style was Ron Paul’s failure to mention Social Security or any of the ‘entitlement programs’. He even implied, constantly, that most Federal government spending goes to the ‘military industrial complex’ when most such spending has not in fact gone to the military since the 1960’s.
And whatever one may think of the present military campaigns, a claim that they are being fought to benefit the ‘military industrial complex’ merchants-of-death is absurd (even if one ignores the point that a lot of stuff is imported these days anyway).
Of course most of the other candidates did not talk much about the Welfare State either. They made ritual attacks on “domestic spending” but that was about it.
Tom Tancredo did make the point that most Federal government spending goes to the entitlement programs (those unconstitutional things that have been growing like cancers for decades), but he mostly twisted every question into an immigration question (for example to attack John McCain). I know that Congressman Tancredo is upset that there are sometimes no immigration questions in these debates – but twisting more than one question into an immigration question is not acceptable.
Fred Thompson said that the present entitlement programs were unsustainable in the long run and suggested (as first steps) people being allowed to use some of the Social Security tax to set up private investments, and that government benefits should be indexed to prices (not to wages). But he did not say much more than that. Senator Thompson also had the most stupid question of the debate directed at him (by some MSNBC moron whose name I did not catch) “who is the Prime Minister of Canada?” – “Harper” came the reply, but what was the point of the exchange?
Duncan Hunter gave me the impression, as he always does, of a good soldier who somehow found himself in the House of Representatives. He would be ideal man to be in a dangerous situation with, in that he would know what to do – and is also honourable (so he would not just save himself – indeed he would lay down his life to help the poor sap with him). However, his political policies (protectionism and so on) would have terrible results.
Senator Brownback was big on “family values” and being “pro life” (a not so veiled attacks on Rudy G.), but he also said he was in favour of an “optional flat tax” – so he did remember he was in a debate about economic policy.
Mike Huckabee, the Governor from Arksansas, told various folksy stories, which as usually did not seem to mean anything. But he also repeated that he was in favour of getting rid of the income tax. The Governor also said he would not have vetoed the SCHIP expansion. I suppose he squares the circle of no income tax and wild Federal government spending by supporting a sky-is-the-limit Federal sales tax.
Rudy G. did fairly well defending free trade and pointing out the tax cuts he made as Mayor of New City city. He also stressed his faith in technology and what human beings could do if freed from high taxes and regulations. However, he was rather vague in dealing with what government spending he would cut.
I am uncertain as to what Governor Mitt Romney said as I was distracted by the big neon sign saying “this man is dishonest slime” that I see over his head whenever he starts speaking. This may well be unfair to Governor Romney, who may be a very nice man in private life, but it is the impression I have of his public performances.
