Gary Johnson on The Economy

Last Updated : Jul 23, 2012

Summary

Governor Johnson is a strong supporter of removing the governemnt as much as possible from the economy and allowing the free markets to act. He opposes a keynesian economic model where government provides tax breaks and subsisdies to certain industries.

Governor Johnson has stated that free markets and limited government are the foundation of prosperity and that economic policy should foster entrepreneurship, innovation, and individual choice, not direct economic activity to satisfy political interests in Washington. He continued by stating that Americans should be free to make their own economic decisions because individuals, not government, know what is best for themselves and their families. This freedom unleashes the creativity and enterprising spirit that fuels economic opportunity and an equal playing field for all Americans.

2012 Economic Plan

Governor Johnson's economic plan for the 2012 election consists of 3 parts: cutting government spending, cutting taxes, and reducing the role of the federal government in the economy.

  1. SLASH EXPENDITURE: Excess spending is rampant in the U.S. budget, producing an unsustainable path for federal debt. The U.S. must restrain spending across the board:rn
    1. Scale back entitlement programs such as Medicare, Medicaid, and Social Security, which threaten to bankrupt the nation’s future.
    2. Eliminate the costly and ineffective military interventions in Iraq and Afghanistan; target defense spending to actions that truly protect the United States.
    3. Stop spending on the fiscal stimulus.
    4. Reduce subsidies for agriculture, transportation, energy, housing, and all other special interests.
  2. CUT TAXES: The U.S. tax system imposes an enormous toll on productivity through high marginal rates, absurd complexity, loopholes for the well connected, and incentives for wasteful decisions. The government must lower the tax burden to stimulate the economy. This means:rn
    1. Eliminate punitive taxation of savings and investment.
    2. Simplify the tax code; stop using it to reward special interests and control behavior.
    3. Adopt a flat tax on income or consumption.
  3. SHRINK FEDERAL INVOLVEMENT IN THE ECONOMY: Much federal intervention is a payout to special interests or counterproductive meddling that stifles competition, innovation, and growth. We should:rn
    1. Reject auto and banking bailouts, state bailouts, corporate welfare, cap-and-trade, card check, and the mountain of regulation that protects special interest rather than benefiting consumers or the economy.
    2. Restrict Federal Reserve policy to maintaining price stability, not bailing out financial firms or propping up the housing sector.
    3. Eliminate government support of Fannie and Freddie.
    4. Reduce or eliminate federal involvement in education; let states expand successful reforms such as vouchers and charter schools.
    5. Legalize, tax, and regulate marijuana; emphasize harm reduction for other drugs.
    6. Expand free trade and legal immigration.
       

 

Our America Initiative

Governor Johnson started the Our America initiative in early 2000. On that website, he discusses the economy, taxes, and the involvement of government.

 

2012 Presidential Campaign Website Statements

 

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