With candidates for both the Republican and the Democratic parties having thrown their hats into their respective arenas the scrutinizing of these candidates can commence. A lot of questions regarding social issues, economic matters and foreign policy are going to be blazing from all sectors of the spectrum, but today we are going to focus on what should be the number one issue; the economy. The economy despite the “good job reports” isn’t actually as healthy and strong as we would like to believe. Our trade deficit is at its highest in the last six years and numerous other important indexes, such as the Baltic dry index have been giving less positive reports.
Financial myth buster expert Dawn J Bennett is looking to cut through the new Republican candidates for president and see which ones will be true free market capitalists. In order to helper her sleuth through the candidates rhetoric and their values she invited Jonathan Hoenig, a founding member of Capitalist Pig and a regular contributor on Fox News’ Cashin’In, Your World with Neil Cavuto. Dawn J Bennett decided to focus her questions on Rand Paul and Ted Cruz and whether or not they really believe in free market capitalism and would have the gumption to push for changes that help bring the U.S. closer to this ideal.
Jonathan says he’s hopeful about both candidates but said there will be a lot of work for them when trying to achieve this goal. To obtain free market capitalism the first thing that will need to happen is the repeal of the IRS, Medicaid and Medicare. He says he’s been hearing people talk about repeal of the IRS and believes that it should be replaced with a flat tax that hits all Americans equally. This will remove the loopholes within the current system and make it far fairer; it will no longer server as a system for wealth redistribution. At the same time it would eliminate large chunks of government bureaucracy which would reduce costs on the government and help get it out of every part of people’s lives.
As for Medicare and Medicaid, Jonathan is less positive on those fronts. He believes that too many people still want to keep these government benefits around and being able to rally enough political support to remove them won’t happen soon. Dawn J Bennett and he lamented at how both of these programs cause the market to be imbalanced and therefore inefficient.
Dawn then steered the subject towards Hillary Clinton’s recent comment about getting the money out of politics despite planning to raise $2 billion for this upcoming presidential election. Jonathan said he would be happy to see the money in politics go away but so long as government is so intricately involved in the economy this will never happen. As it stands now a business can use its money and influence to damage their competition by lobbying because of government involvement in the economy. As long as this exists businesses will have to be crazy not to get involved in lobbying. Once we extricate government from the business equation and return its focus to social issues we will see money in politics dry up.
Jonathan and Dawn wrapped it up with how even though discrimination is negative, it is a part of freedom of speech and if businesses want to practice it then they should be allowed. It is a bad business call and other businesses will gladly take the business those discriminating businesses reject, but to have the government come in and tell businesses what they can and cannot do is a waste of taxpayer money and an invasion of our freedom.
Bennett Group Financial Services LLC, based in Washington, D.C., is a comprehensive financial services firm committed to providing opportunities to clients’ as they seek long-term financial success. Its customized programs are designed with the potential to help grow, lower overall risk and conserve client assets by delivering a high level of personalized service and skill.
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About Dawn Bennett
Dawn Bennett is CEO and Founder of Bennett Group Financial Services. She hosts a national radio program called Financial Myth Busting http://www.financialmythbusting.com
She discusses educational topics and events in the financial news, along with her thoughts on the economy, financial markets, investments, and more with her live guests, who have included rock legend Ted Nugent, as well as Steve Forbes and Grover Norquist. Listeners can call 855-884-DAWN a as well as take podcasts on the road and forums for interaction.
She can be reached on Twitter @DawnBennettFMB or on Facebook Financial Myth Busting with Dawn Bennett or email@example.com