Statement by Ron Paul on Unemployment Figures

LAKE JACKSON, Texas — Today, Congressman and 2012 Republican Presidential Candidate Ron Paul issued the following statement regarding yesterday's report that the official unemployment rate—which understates the actual amount of unemployment in the economy— remains over 8 percent in February, the same month that saw the Federal government run the biggest monthly deficit in history.

"In 2009, President Obama's economic advisors said his big-spending 'stimulus' bill would reduce unemployment to less than 8 percent. In 2011, President Obama and Congressional leaders promised the American people they would reduce the deficit. Today's announcements that the official unemployment rate—which understates that true amount of unemployment— increased in February while the federal deficit reached historic levels provides further proof of the failure of the Keynesian spend-borrow-tax-and inflate policies embraced by the beltway leadership of both parties.

"Of the five men seeking the Presidential nomination of a major party—President Obama, Governor Romney, Senator Santorum, Speaker Gingrich, and myself— I am the only one who has proposed a serious plan to address both the Federal deficit and the unemployment crisis.

"My Restore America Now Plan cuts $1 trillion in the first year and balances the budget by the third year of my Presidency. It accomplishes this goal by eliminating five cabinet departments—Education, Commerce, HUD, Energy, and Interior—, ending corporate welfare, ending all foreign aid and foreign wars, and reducing most other federal spending to Fiscal Year 2006 levels.

"The Restore America Now Plan also jump-starts the economy by permanently exiting all Bush-ear tax cuts, lowering corporate tax rates to 15%, allowing American companies to repatriate foreign capital without additional taxation—thus injecting trillions of dollars into America's capital markets— and ending all taxes on personal savings. The Restore America Now Plan also frees American entrepreneurs and workers from job-destroying regulations by repealing Obamacare, Dodd-Frank, and Sarbanes-Oxley, as well as placing a moratorium on all federal regulations.

"Of all the candidates for President I am the only one with a consistent history of working to limit federal spending, federal regulation, and federal taxes. Americans looking for a candidate serious about putting America back to work by limiting government have one clear choice."