Rick Perry on Budget & Economy

Republican Governor (TX)


I governed the 12th largest economy in the world

Q: Why should someone vote for you now?

PERRY: The preparation to be the most powerful individual in the world requires an extraordinary amount of work: not just having been the governor of the 12th largest economy in the world, which I might add, we added 1.5 million jobs during that period of time over that 2007 through 2014 period, a period when America was going through the most deep recession it had been through since the Great Depression. I think Americans want someone to have a track record of showing them how to get this country back on record, someone who will stand up and every day project that best days of America are in front of us. And I will assure you, as the governor of the state of Texas, and as those last four years have shown me, the preparation to be ready to stand on this stage and talk about those monetary policies, those domestic policies, and those foreign policies, Americans are going to see that I am ready to be that individual.

Source: Fox News/Facebook Second Tier debate transcript , Aug 6, 2015

Dodd-Frank should focus on Wall Street, not community banks

Q: You made a major speech this last week about reforming Wall Street. You called for more regulations of big financial institutions, you praised the Federal Reserve for requiring big banks to hold more capital and some folks said that you sounded, in terms of all this for more regulations, like Bernie Sanders.

Perry: I talked about smart regulations. There's a difference between more regulation and Dodd-Frank, [the banking regulation law]. Dodd-Frank drove community banks out of business. I used to be on a small bank board back in Haskell County in Texas, and I know what these regulations are doing. I think it makes a lot of sense for us to have these big banks. You realize that the six largest banks in the country have 61% of the mortgages now. It's a stunning number. We're seeing Freddie and Fannie Mae back in the business of having small down payments to be able to get a loan.

Source: Fox News Sunday 2015 coverage of 2016 presidential hopefuls , Aug 2, 2015

Federal Reserve & Wall Street actions have hurt our economy

The Federal Reserve has done some things that were absolutely hurtful when it came to our economy. So, for the Federal Reserve, Washington, D.C. and Wall Street for that matter, I laid out a clear way for us to get this country back on track. Those banks need to have more cushion, so that there can never be one of these too big to fail issues again. The American people that lost their savings, they're the ones that somebody needs to be standing up for and I'm going to do that for 'em.
Source: Fox News Sunday 2015 coverage of 2016 presidential hopefuls , Aug 2, 2015

Texas is primarily responsible for national job creation

From the end of 2007 through 2014, 1.5 million jobs were created in one place, one state. And that's Texas. While the rest of the country lost 400,000 jobs. If the president wants to be honest, what he should have said in his State of the Union address is I want to salute Texas for making sure that we have a positive job growth in this country, because without Texas this country would have been 1.1 million jobs below water.
Source: ABC This Week 2015 interviews of 2016 presidential hopefuls , Jul 5, 2015

Regulate Wall Street, but Dodd-Frank kills community banks

Q: [What about Wall Street?

A: We're fed up by seeing Wall Street get treated specially, and you can't even get a loan from your community bank because of Dodd-Frank banking regulations. All of that has to change.

Q: What are you going to do about Wall Street, then?

A: Well, regulate 'em. I mean, regulate 'em to make sure that doesn't happen. If they make bad decisions, let them live with those bad decisions; don't bail them out.

Q: Isn't that what Dodd-Frank is, regulations? You were just saying that was bad.

A: Dodd-Frank is killing the community banks, overregulation in that sense. There needs to be some wisdom. My home state, one of the things that we were successful with was finding that balance between protecting the citizens and allowing the freedom for folks to grow, to be able to get loans, to be able do the things that really matter. Dodd-Frank just codifies into place these regulations.

Source: Bloomberg News 2015 coverage:Faith & Freedom D.C. conference , Jun 22, 2015

Cap federal spending at 18% of GDP

Where Rick Perry stands on key issues: While running for president in 2011, Perry's long term budget proposal included capping federal spending at 18 percent of Gross Domestic Product and passing a Constitutional Amendment requiring a balanced federal budget. In that 2011 proposal, Perry pledged to balance the U.S. budget by the year 2020.
Source: PBS News Hour "2016 Candidate Stands" series , Jun 3, 2015

No debt-ceiling increase without spending cuts & caps

Holding government accountable and breaking the spend-and-borrow cycle is why I worked with Texas governor Rick Perry to recruit other governors to support the "cut, cap and balance" plan in the debt-ceiling negotiations last summer. Governor Perry and I wrote an op-ed for the Washington Post in which we opposed an increase in the debt ceiling unless 3 commonsense things happened: First, we needed to have substantial cuts in spending. Otherwise, what was the point? Second, we needed to have enforceable spending caps to prevent Congress from spending extra revenues instead of using them to pay down the debt or returning them to the taxpayers. And third, we wanted to see congressional passage of a balanced-budget amendment to the US Constitution. The federal government should be forced to do what most of the 50 states already have to do.

We didn't get "cut, cap and balance." So what DID we get? A whole lot of talk, some good intentions, but no resolution to our debt crisis.

Source: Can't Is Not an Option, by Gov. Nikki Haley, p.231 , Apr 3, 2012

The federal reserve is at the root of a lot of our problems

PERRY: Congressman Paul got me really intrigued with the whole federal reserve. Paul got me most interested in a subject that is at the root of a lot of the problems that we have.

PAUL: I have learned that you should never give up on your opposition. Because if you're persistent, and you present your case, they will come your way. So Rick, I appreciate it. You're open to the federal reserve. That's wonderful. But I work from the assumption that freedom brings people together.

Source: Yahoo's "Your Voice Your Vote" debate in Iowa , Dec 10, 2011

Entitlement programs are $115 trillion; we must cut them

Q: What programs would you cut for long-term deficit reduction?

PERRY: It's the entitlement programs that are eating up this huge amount of money. When you look at Medicaid, Medicare, Social Security, and those unfunded liabilities, I think are over $115 trillion just in those three programs. Those are the places where you go where you have to make the really hard decisions in this country.

Q: What order are the cuts? You didn't mention defense spending.

PERRY: Well, obviously, Social Security is one of those where we either can go to a blended type of a program where we blend price and wages, and come up with a program, and can save billions of dollars there.

Source: 2011 CNBC GOP Primary debate in Rochester MI , Nov 9, 2011

I pushed TX to 2nd-lowest debt per capita in the US

BACHMANN: [to Perry]: You increased spending in Texas by over 50%, and you financed that spending by increasing bond debt by over 137%. That's exactly what Obama has been doing.

PERRY: Texas had the 6th-lowest debt per capita when I started as governor in 2000. And today, Texas has the 2nd-lowest debt per capita in the US. I think that's what America's looking for, is a president that understands how to balance budgets, how to deal with the spending issue and how to get Americans back working again.

Source: 2011 GOP debate at Dartmouth College, NH , Oct 11, 2011

I've signed six balanced budgets in Texas

Q: [to Cain]: What would you do specifically to end the paralysis in Washington?

CAIN: Two things: Present a bold plan to grow this economy. It starts with throwing out the current tax code and putting in the 9-9-9 plan. Secondly, get serious about bringing down the national debt. The only way we're going to do that is the first year that I'm president and I oversee a fiscal year budget, make sure that revenues equals spending. If we stop adding to the national debt, we can bring it down. So the answer is, we must grow this economy with a bold solution, which is why I've proposed 9-9-9 and at same time get serious about not creating annual deficits, so we can bring the national debt. That will re-establish confidence in our system, and I believe we could get our credit rating back.

PERRY: I've signed six balanced budgets as the governor of Texas. Working with folks on both sides of the aisle and--and bringing ideas, whether it's ways to redo your tax structure or what have you.

Source: 2011 GOP debate at Dartmouth College, NH , Oct 11, 2011

Don't trade tax increases for spending cuts; BBA instead

Q: Pres. Reagan asked, "Do we reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or do we accept bigger budget deficits?"

PERRY: Pres. Reagan was willing to trade tax increases for reductions, and I don't think he ever saw those reductions, he just saw the tax increase. As a matter of fact, in his diary he made that statement that he's still looking around for those reductions. One of the reasons that Americans are so untrustworthy of what's going on in Washington is because they never see a cut in spending. They always hear the siren song, "if you'll allow us to raise taxes, then we'll make these reductions over here," when the fact of the matter is the issue is we need to have a balanced budget amendment to the United States Constitution. And the next president of the United States needs to spend his time passing a balanced budget amendment to the United States Constitution.

Source: 2011 GOP debate at Dartmouth College, NH , Oct 11, 2011

People are tired of spending on programs we don't want

Q: The president in his new plan has a lot of tax cuts, payroll tax cuts, middle-class tax cuts, tax credits for hiring veterans, tax credits for hiring long-term unemployed people. Are those things you would support?

PERRY: And he's going to pay for them all with raising your taxes. That is the issue. He had $800 billion worth of stimulus in the first round of stimulus. It created zero jobs, $400-plus billion dollars in this package. And I can do the math on that one. Half of zero jobs is going to be zero jobs.

Q: So whenever the president supports tax cuts, that has to be balanced with spending cuts?

PERRY: I would suggest to you that people are tired of spending money we don't have on programs we don't want.

Source: 2011 GOP Tea Party debate in Tampa FL , Sep 12, 2011

Using the Federal Reserve for political purposes is treason

Q: [to Bachmann]: Gov. Perry has suggested that Ben Bernanke, the head of the Federal Reserve, potentially should be tried for treason for what he's doing. Do you agree?

BACHMANN: As president, I would not be reappointing Ben Bernanke. With the $700 billion bailout, the Federal Reserve was making loans to private American businesses. And not only that, they're making loans to foreign governments.

Q: Do you agree with Gov. Perry that Ben Bernanke is engaged in treason?

BACHMANN: Well, that's for Gov. Perry to make that decision. My opinion is, I would not reappoint Ben Bernanke.

Q: You stand by those remarks, Governor?

PERRY: I said that, if you are allowing the Federal Reserve to be used for political purposes, that it would be almost treasonous. I think that is a very clear statement of fact. I am not a fan of the current chairman allowing that Federal Reserve to be used to cover up bad fiscal policy by this administration. And that, I will suggest to you, is what we have seen.

Source: 2011 GOP Tea Party debate in Tampa FL , Sep 12, 2011

We cannot spend our way to prosperity

President Obama's call for nearly a half-trillion dollars in more government stimulus when America has more than $14 trillion in debt is guided by his mistaken belief that we can spend our way to prosperity. Like the president's earlier $800 billion stimulus program, this proposal offers little hope for millions of Americans who have lost jobs on his watch, and taxpayers who are rightly concerned that their children will inherit a mountain of debt. America needs jobs, smaller government, less spending and a president with the courage to offer more than yet another speech
Source: www.Rickperry.org, response to 2011 Jobs Speech , Sep 8, 2011

Keynesian theory is now done; never again in America

This president has proven for once and for all that government spending will not create one job. Keynesian policy and Keynesian theory is now done. We'll never have to have that experiment on America again.
Source: 2011 GOP debate in Simi Valley CA at the Reagan Library , Sep 7, 2011

Balanced Budget Amendment is the only way to sleep at night

Q: At the previous debate, everyone on stage raised their hand to say they would not have accepted a debt deal that included $10 in spending cuts for every $1 in tax increases. Would you take that deal?

PERRY: I join my fellow participants here. What we should have been looking at is a way to get the spending under control and capping it, cutting it, and getting a balanced budget amendment. When you get a balanced budget amendment in Washington, D.C., you will finally start getting the snake's head cut off. I mean, the fact of the matter is, until you get a balanced budget amendment--I don't care whether Democrats or Republicans are going to be in control in Washington, D.C.--balanced budget amendment, and then the American people can go to sleep at night with a little more comfort that they're going to wake up and not be broke in the morning.

Source: 2011 GOP debate in Simi Valley CA at the Reagan Library , Sep 7, 2011

Priorities: education; transportation; border; e-government

Rick Perry presented his 2002-03 budget to the Texas Legislature, a spending plan that meets critical state needs & funds the state’s top priorities, while leaving nearly $200 million unspent for possible future education, health care or criminal justice needs. “Beyond meeting essential state needs, Texas should set clear priorities: education; transportation; the 1,200-mile border region; and utilizing advances in technology to make government more efficient, effective and convenient,” Perry said.

“This budget meets important state needs-like education, health and criminal justice-and appropriately invests in the future, without raising taxes. The Texas economy is strong, but cooling, and that requires increased caution in the state budget. This proposal balances the competing demands for state resources and does so in a fiscally responsible manner.” The nation’s and the state’s cooling economy dictate that most of the increased spending go toward maintaining current government services.

Source: Press Release, “State Budget” , Jan 16, 2001

Bankruptcy reform: limit Chapter 7; protect states' role.

Perry adopted the National Governors Association policy:

    The Governors are particularly concerned that bankruptcy reform legislation address the following issues:
  1. Prevent Chapter 7 Use by Those with the Ability to Pay: Present bankruptcy law does not prevent use of Chapter 7 by those with ability to repay, nor does it require that debtors use Chapter 13, which would require them to repay creditors what the debtor can afford. The Governors strongly support federal efforts to prevent debtors from using Chapter 7 when they are financially able to pay some or all of their unsecured debts.
  2. Encourage Payment of Domestic Support Obligations: Bankruptcy interferes significantly with states’ ability to assist citizens owed domestic support and to collect unpaid domestic support owed them. The Governors strongly encourage Congress to ensure that any federal bankruptcy reform requires that domestic support obligations have the highest possible repayment priority, that all domestic support obligations be nondischargeable, and that commencement of bankruptcy not prevent the continued collection of child and other support obligations.
  3. Give State Claims Parity with Federal Claims in Bankruptcy: Today, bankruptcy rightly gives certain preferences in payment to federal claims against the bankruptcy estate, but similar treatment is not always accorded state claims. The Governors strongly support congressional efforts to reform the treatment of state claims in bankruptcy to provide parity of treatment with federal claims.
  4. Protect the State Role: The Governors oppose efforts to preempt state authority to determine exemptions under state bankruptcy law. Currently, debtors have a right to choose between federal and state exemptions. The Governors support efforts to shape bankruptcy reform policy that protects the rights of states to determine their own standards instead of having uniform federal regulations imposed without regard for individual state needs.
Source: NGA Economic Development Policy EDC-21: Bankruptcy Reform 01-NGA2 on Feb 15, 2001

Uphold commitments to states before other spending.

Perry adopted the National Governors Association position paper:

The Issue

The major budget issue will be over the surplus and how big of a surplus there will be. How much will be dedicated to paying down the national debt, how much to tax cuts, how much to increase defense spending, what to do about key discretionary spending programs, and whether and how to change key entitlement programs, such as Medicaid, Medicare, and Social Security? How these decisions are made could have significant impacts on the federal-state partnership, especially as they affect vital health and human services programs. What will happen to funding for priority state domestic discretionary programs for the federal fiscal year? When will Congress act?

NGA’s Position

Before considering new spending initiatives or tax cuts, the federal government must first uphold its current commitments to the states.
Source: National Governors Association "Issues / Positions" 01-NGA8 on Sep 14, 2001

Supports the Cut-Cap-and-Balance Pledge.

Perry signed the Cut-Cap-and-Balance Pledge to limit government

[The Cut-Cap-and-Balance Pledge is sponsored by a coalition of several hundred Tea Party, limited-government, and conservative organizations].

Despite our nation's staggering $14.4 trillion debt, there are many Members of the U.S. House and Senate who want to raise our nation's debt limit without making permanent reforms in our fiscal policies. We believe that this is a fiscally irresponsible position that would place America on the Road to Ruin. At the same time, we believe that the current debate over raising the debt limit provides a historic opportunity to focus public attention, and then public policy, on a path to a balanced budget and paying down our debt.

We believe that the "Cut, Cap, Balance" plan for substantial spending cuts in FY 2012, a statutory spending cap, and Congressional passage of a Balanced Budget Amendment to the Constitution is the minimum necessary precondition to raising the debt limit. The ultimate goal is to get us back to a point where increases in the debt limit are no longer necessary. If you agree, take the Cut, Cap, Balance Pledge!

    I pledge to urge my Senators and Member of the House of Representatives to oppose any debt limit increase unless all three of the following conditions have been met:
  1. Cut: Substantial cuts in spending that will reduce the deficit next year and thereafter.
  2. Cap: Enforceable spending caps that will put federal spending on a path to a balanced budget.
  3. Balance: Congressional passage of a Balanced Budget Amendment to the U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.
Source: Cut-Cap-and-Balance Pledge 12-CCB on Jan 1, 2012

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