One of the expert witnesses testifying before Ron Paul’s Domestic Monetary Policy and Technology Subcommittee on Tuesday was Dr. Lawrence H. White, professor of Economics at George Mason University. His written testimony submitted to the committee reinforced the case for Paul’s bill, HR 1098, the “Free Competition in Currency Act of 2011” by outlining its benefits in introducing freedom of choice into the realm of currencies.
Taking a notably different tack from fellow Republicans in the House of Representatives, Senate Minority Leader Mitch McConnell (R-Ky.) “fiercely attacked President Barack Obama’s new jobs plan Tuesday,” according to Politico. While House Republicans have taken what Rutgers University political science professor Ross Baker, in an interview with Congressional Quarterly, called a “tactically polite” approach to Obama’s $447 billion bill, McConnell came out swinging against it.
On March 15, Rep. Ron Paul (R-Texas) introduced H.R. 1098, better known as the “Free Competition in Currency Act of 2011,” which would repeal the legal tender laws in the United States Code (Section 5103 of Title 31). In its elegant simplicity (the bill is only three pages), it would be the first step to restoring a sound currency by allowing American citizens to choose which currency among competing currencies works best for them.
One of the terms of the recent debt ceiling deal between Congress and the White House was that Congress would vote on, but not necessarily pass, a Balanced Budget Amendment to the Constitution. The deal did not, however, specify the language in the amendment, giving legislators plenty of opportunities to sneak in loopholes that might very well render any amendment that does pass meaningless.
Almost everyone is aware that the federal government pays farmers not to grow certain crops. But not many know that taxpayers are also being forced to pay airlines to fly empty planes. It’s true. According to the Associated Press, the $200 million federal Essential Air Service (EAS) program subsidizes airline service to less populous areas of the country; and because it does so on a per-flight — not per-passenger — basis, airlines sometimes fly empty planes back and forth just to keep the free funds flowing.