Patriot,

As we head into the final week before this
year's elections, I'm reminded of some fairly recent presidential
campaigns and their messages.

In 1984, Ronald Reagan asked, "Are you better
off than you were four years ago?"

In 1992, Bill Clinton's campaign had a
message for campaign staff: "It's the economy, stupid."

Both stressed the importance of the economy
in Americans' lives as well as in political campaigns.

Even with the Federal Reserve's actions to
lower interest rates and, some would argue, interfere in the
election, the Fed is attempting to engineer a "soft landing" to
bring down inflation without causing a recession.

But all is not well in our government and
with the U.S. economy.

Between manipulation by both the Fed and the
executive branch, the U.S. dollar is on very shaky ground.

And as I point out in my latest column,
making economic policy decisions based on flawed data enables
politicians to ignore the dangers posed by Congress' refusal to
cut federal spending.

A collapse could be pending. But a collapse
could also result in a turn toward respect for the principles of
liberty, limited government, free markets, and a foreign policy
of peace, and free trade.

Several things need to happen sooner rather
than later: making deep cuts to federal spending to help rein in
the spiraling national debt and passing my Audit the Fed bill!

Read my column below, sign your petition to
Congress to pass Audit the Fed, and consider a donation to
Campaign for Liberty to keep our work alive.

For Liberty,

Ron Paul
Chairman


Government Gaslights People about the Economy

Public opinion polls consistently show the
economy is one of the top issues, if not the top issue, for
American voters. This may strike some as odd, since official
government statistics show low unemployment and declining price
inflation, suggesting the Federal Reserve has engineered a "soft
landing" bringing down inflation without causing a recession. So
why the concern over the economy? One reason is more people are
realizing government economic figures hide the truth about the
economy.


"Recession Since 2022: U.S. Economic Income
and Output Have Fallen Overall for Four Years" is a Brownstone
Institute research paper by Dr. E.J. Antoni, a research fellow at
the Heritage Foundation, and Dr. Peter St. Onge, a fellow with
the Mises Institute. It details how the federal government
understates inflation, while making wages, profits, and economic
growth appear stronger.


Dr. Antoni and Dr. St. Onge use a more
accurate measure of inflation than that used by government to
uncover the true state of the economy. Their calculations show
that the US economy has been in recession since 2022. The
government claims that Gross Domestic Product (GDP) increased by
approximately 13.7 percent from 2019 through the first half of
2024. When the more accurate inflation number is used, the result
is a 2.5 percent decline in GDP.


The federal government's figures also show
the American people's disposable income increased by 12.9 percent
from 2019 through the first half of 2024. However, when the more
accurate way of calculating price inflation is used, it shows
Americans' disposable income declined by 2.3 percent. Dr. Antoni
and Dr. St. Onge are hardly the first to expose how the
government uses doctored statistics to make the economy look
stronger. John Williams's ShadowStats has regularly shown how
government manipulates data to underreport unemployment and price
inflation.


Government distortions of economic data
mislead the people regarding the true state of the economy. They
also mislead Congress, the president, and maybe even the Federal
Reserve. Until the Audit the Fed bill becomes law, we will not
know for sure what data the central bank relies on. Making
economic policy decisions based on flawed data enables
politicians to ignore the dangers posed by Congress's refusal to
cut federal spending.


Government spending puts pressure on the
Federal Reserve to keep interest rates low. The Federal Reserve
can keep interest rates low because the dollar's world reserve
currency status guarantees a strong demand for U.S. dollars. A
growing number of countries, though, are seeking alternatives to
the dollar. One reason for this is resentment over the U.S.
government's use of the dollar's world reserve currency status to
force other counties to abide by US demands. Saudi Arabia is
moving away from exclusively using dollars for its oil trade. The
"petrodollar" is a major reason the dollar has been able to
maintain its world reserve currency status.


If the dollar loses its world reserve
currency status, America would face a major economic crisis. This
crisis could lead to the collapse of the welfare-warfare state
and the fiat money system that makes it possible. The danger is
the replacement could be even worse as a frightened populace
turns toward an authoritarian promise of security in exchange for
restriction of liberty. However, the collapse could also result
in a turn toward respect for the principles of liberty, limited
government, free markets, and a foreign policy of peace and free
trade. Those who know the truth must continue to educate our
fellow citizens about the benefits of liberty.


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check to Campaign for Liberty, PO Box 104, Lake Jackson TX 77566
or you can call 703-865-7162.

The mission of Campaign for Liberty is to promote and defend the
great American principles of individual liberty, constitutional
government, sound money, free markets, and a constitutional
foreign policy, by means of education, issue advocacy, and
grassroots mobilization.

© Campaign for Liberty, 2012. Paid for by Campaign for Liberty
and not authorized by any candidate or candidate's committee.

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contributions are not tax deductible as charitable contributions
(IRC § 170) or as business deductions (IRC §
162(e)(1)).

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