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Republican Party on Budget & Economy

Party Platform


Inflation is a hidden regressive tax

A sound monetary policy is critical for maintaining a strong economy. Inflation diminishes the purchasing power of the dollar at home and abroad and is a hidden tax on the American people. Moreover, the inflation tax is regressive, punishes those who save, transfers wealth from Main Street to Wall Street, and has grave implications for seniors living on fixed incomes.
Source: 2012 Republican Party Platform , Aug 27, 2012

Audit the Federal Reserve; bring more transparency

Because the Federal Reserve's monetary policy actions affect both inflation and economic activity, those actions should be transparent. Moreover, the Fed's important role as a lender of last resort should also be carried out in a more transparent manner. A free society demands that the sun shine on all elements of government. Therefore, the Republican Party will work to advance substantive legislation that brings transparency and accountability to the Federal Reserve, the Federal Open Market Committee, and the Fed's dealings with foreign central banks. The first step to increasing transparency and accountability is through an annual audit of the Federal Reserve's activities. Such an audit would need to be carefully implemented so that the Federal Reserve remains insulated from political pressures and so its decisions are based on sound economic principles and sound money rather than on political pressures for easy money and loose credit.
Source: 2012 Republican Party Platform , Aug 27, 2012

Balanced Budget Amendment & super-majority for tax increase

Republicans have repeatedly tried to reform the budget process, in particular by voting for a Balanced Budget Amendment, following the lead of 33 States which have put that restraint into their own constitutions. We call for a Constitutional amendment requiring a super-majority for any tax increase, with exceptions for national emergencies, and imposing a cap limiting spending to the historical average percentage of GDP so that future Congresses cannot balance the budget by raising taxes.
Source: 2012 Republican Party Platform , Aug 27, 2012

Shrink the FHA, Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac were a primary cause of the housing crisis because their implicit government guarantee allowed them to avoid market discipline and make risky investments. Their favored political status enriched their politically-connected executives and their shareholders at the expense of the nation. Both Fannie Mae and Freddie Mac should be wound down in size and scope, and their officials should be held to account.

The Federal Housing Administration (FHA), tripled in size to more than $1 trillion under the current Administration, has crowded out the private sector and is at risk of requiring a taxpayer bailout. It must be downsized and limited to helping first-time homebuyers and low- and moderate- income borrowers. Taxpayer dollars should not be used to bail out borrowers and lenders by funding principal write-downs.

Source: 2012 Republican Party Platform , Aug 27, 2012

OpEd: Democrats are addicted to spending

The Republicans, driven by the new members of the Tea Party, wanted to cut $61 billion from the budget, while the Democrats were willing to cut only about 1/6 of that amount. Both Democrats and Republicans have strayed so far from the path of responsible financial policy that the concept of balancing the budget is foreign to them. I believe many of them simply cannot grasp the concept of only spending what you have. I do understand that making budgetary cuts will be painful, but it will not be nearly as painful as going bankrupt!

Knowing how Washington works, I can already predict that our Democratic president and the rest of the Democratic Party will claim that the Republicans want to cut programs that benefit children, the elderly, and the infirm and that they want to stifle medical research and programs that will create economic growth. The Republicans will claim that the Democrats are addicted to spending and couldn't stop if their lives depended on it.

Source: America the Beautiful, by Ben Carson, p.108-109 , Jan 24, 2012

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Page last updated: Mar 15, 2014