The Republicans have debated once again. Among all Republican candidates who are running for the Republican Nomination to face President Obama in the upcoming elections, there is only one who stands out as a true fiscal conservative. There is only one nominee who has a track record of voting consistently against the growth and spending of Government while all other candidates have had their share of supporting growth in government and spending. While others supported No Child Left Behind, the costly wars in Iraq and Afghanistan, subsidies for various industries, government loan guarantees, and the bailouts this one candidate voted against it all.
Newt Gingrich, who served as Speaker of the House from 1995 to 1999, is one of the front runners in the Republican Primaries for the 2012 Presidential Nomination. As a Republican, he is following the hypocrisy of the many GOP party members who claim to support small government, free markets, balanced budgets, and personal freedoms yet have a history of supporting the contrary. The facts are out there but many self-proclaimed conservatives rather ignore Gingrich’s history, his support for debt ceiling increases, his support for socialism, his anti-free market views, etc and ignorantly believe his contradictory promises.
Newt Gingrich Supports Government Health Care Mandates
The official Newt2012 website states that Gingrich would:
“Repeal and replace Obamacare with a pro-jobs, pro-responsibility health plan that puts doctors and patients in charge of health decisions instead of bureaucrats.”
This once again proves that Gingrich supports government interference in the health care industry. A free-market proponent would not have the government implement a health plan, they would repeal Obamacare and eliminate other regulations that prevent competition and freedom of choice. Further, in 2003 Newt Gingrich supported “The Medicare Prescription Drug, Improvement, and Modernization Act of 2003” which was one of the biggest Federal Welfare Expansions since the 1960s. This increase in Medicare coverage allows Pharmaceutical companies to increase their profits while the increase in socialized benefits further contribute to the National Debt. That is neither fiscally conservative nor pro-free market.
In an interview with Meet the Press on May 15, 2011, Gingrich reaffirmed that he supports Government mandates in the health care industry by stating “all of us have a responsibility to pay – help pay for health care”. That is in agreement with the big government individual mandate that President Obama and the left supports. Connecting all the dots of Gingrich’s actions and statements on health care, WTF Finance comes to the conclusion that a Gingrich repeal of Obamacare would result in a replacement that continues to be anti-free market, supports socialism, and allows the health care industry to profit from government guarantees and the inevitable bailout. This is not surprising given that Newt Gingrich has a history of supporting big government policies that reward irresponsible and unsound financial business practices, as was the case with Fannie Mae and Freddie Mac.
Newt Gingrich Profits From Fannie Mae And Freddie Mac
While GOP Presidential candidate Ron Paul correctly forecast the Housing Bubble in 2002 and consistently criticizes the anti-free market institutions Fannie Mae and Freddie Mac, Newt Gingrich has a history of supporting and profiting from these two Government Sponsored Enterprises that socialize the housing market. Gingrich was also a paid consultant for Fannie Mae and Freddie Mac. The Associated Press reported that Newt Gingrich received approximately $1.5 Million from the two GSEs:
“Gingrich’s history at Freddie Mac began in 1999, when he was hired by the company’s top lobbyist, Mitchell Delk. He was brought in for strategic consulting, primarily on legislative and regulatory issues, the company said at the time. That job, which paid about $25,000 to $30,000 a month, lasted until sometime in 2002. In 2006, Gingrich was hired again on a two-year contract that paid him $300,000 annually, again to provide strategic advice while the company fended off attacks from the right wing of the Republican Party.”
Gingrich’s support for these two flawed financial institutions continued in 2007 when the politician reaffirmed his support for socialism in the housing market during a Wall Street Journal Interview:
“While we need to improve the regulation of the GSEs, I would be very cautious about fundamentally changing their role or the model itself…when you need government to help spur private enterprise and economic development….It’s not a point of view libertarians would embrace, but I am more in the Alexander Hamilton-Teddy Roosevelt tradition of conservatism”
From Newt Gingrich’s actions and statements it is clear that he neither understands nor supports free markets. It is obvious that Newt Gingrich does not understand the root cause of the housing bubble and how government interference distorted the demand and supply variables contributing to the financial mess.
Newt Gingrich’s Statement On Strong Dollar Policy
Newt Gingrich’s official website states that a strong dollar policy is part of his plan for economic and job growth:
“Strengthen the dollar by returning to the Reagan-era monetary policies that stopped runaway inflation and reforming the Federal Reserve to promote transparency.”
Woodrow Wilson established the Federal Reserve by signing the Federal Reserve Act of 1913 into law. By doing so, neither the President of the United States nor its Congress have any control over the monetary system or monetary policy. Monetary policy is set by the quasi-private Federal Reserve System that Wilson established. The hypocritical big government policies of President Reagan devalued the US Dollar as his deficit spending policies contributed to the US debt. In 1995 Newt Gingrich stated in Claremont, NH that he is a big fan of FDR and Woodrow Wilson. How can a supporter of big government politicians and deficit spending be serious about a strong US Dollar policy?
Newt Gingrich Supports Socialism
Newt Gingrich has made it clear that he is a proponent of socialism. He stated that “all of us have a responsibility to pay – help pay for health care” and by supporting Fannie Mae and Freddie Mac he also supports Socialism in the Housing Market, as that is the function of those two Government Sponsored Enterprises. Anybody who can identify themselves with the policies of President Franklin Delano Roosevelt to the extent that Newt Gingrich does clearly supports Socialist policies and has no problem spreading the wealth.
“The greatest Demcratic President of the 20th century and by my judgment the greatest President of the 20th Century…FDR is the greatest Political Leader of the 20th Century”
Newt Gingrich On Debt Ceiling
Newt Gingrich is talking about a strong dollar and the importance of balancing the budget. But what does he truly believe when it comes down to it? Throughout his political career Gingrich supported costly big government bureaucracies and policies that put the United States into greater debt. Newt Gingrich has a history of voting for debt ceiling increases, as he did on June 4, 1980 when he voted “Aye” on House Vote #935.
A Newt Gingrich Presidency would continue the big government policies that FDR, Carter, Reagan, Bush, Clinton, Bush, and Obama, etc. have put in place. Gingrich promises small government, balanced budgets, fiscal discipline, a strong dollar and free markets but his political history and love for big government politicians and policies indicate otherwise. The fact that Gingrich receives so much support from the Republican base illustrates that both Republicans and Democrats share the same big government ideologies.