Gary Johnson on Deficits and Debt

Last Updated : Jul 23, 2012

Summary

Governor Johnson is a strong advocate for lowering the size of government and balancing spending with income. This belief of drastic reductions in the size of federal government and removing control of that entity is one of hte core facets of the Libertarian party.

In 2010, Governor Johnson stated in an interview the US was a bankrupt nation and that interest and principle payments are coming due. He also stated that the enormous budget deficits will lead to inflation and an ever weaker dollar.

In a Fox News / Google debate, Governor Johnson promised that if elected he would submit a balanced budget to congress in the year 2013, and to veto legislation where expenditures exceed revenue. As proof of this promise, he noted that he vetoed more bills than any governor in the history of the United States while in that office. He continued by stating that he would advocate for throwing out the entire federal tax system and replacing it with a consumption tax, the fair tax.

2012 Presidential Plan

Governor Johnson's plan to address debt and deficit if elected notes that the federal government is borrowing 43 cents of every dollar it spends, it must reduce it's size by 43% to come in line with reality. He has proposed a three pronged plan to accomplish this task:

  • Balance the budgetrn
    • End excessive spending, bloated stimulus programs, unnecessary farm subsidies, and earmarks.
    • Reassess the role of the federal government and identify responsibilities that can be met more efficiently by the private sector.
    • Recognize that you can't have limited government at home, but big government abroad.
  • Entitlement Reformrn
    • Identify and implement common-sense cost savings to place Medicare on a path toward long-term solvency.
    • Block grant Medicare and Medicaid funds to the states, allowing them to innovate, find efficiencies and provide better service at lower cost.
    • Repeal ObamaCare, as well as the failed Medicare prescription drug benefit.
    • Fix Social Security by changing the escalator from being based on wage growth to inflation. It's time for Social Security to reflect today's realities without breaking trust with retirees.
  • Audit the Federal Reserve

 

Republican Liberty Caucus Interview

In January of 2010, Governor Johnson was interviewed by the Republican Liberty Caucus and asked about spending and the size of the federal government.

 

Fox News / Google Debate 

On September 22, 2011 Governor Johnson participated in the Fox News / Google debate. He stated that he would veto any legislation that spent more than the government took in each year. He pledged to sign only a balanced budget in 2013.

 

2012 Presidential Campaign Website Statements

 

 

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