Rand Paul stopped by The Daily Show Monday night to support his new book, The Tea Party Goes to Washington.
Jon Stewart credited the Kentucky Senator with being the “walkiest of the talkers” in his efforts to balance the budget.
Then the pair engaged in a long, and fairly wonky debate on reducing the deficit and the usefulness of the Federal Reserve.
“So you would do away with the Fed,” the host asked.
“First of all, I think we need to know what they are doing,” Paul replied. “For example, the dollar once upon a time was backed by gold, then it was backed by Treasury bills. Do you know what your dollar is backed by now?
Used car loans and bad home loans.
The toxic assets that no one would buy? Guess who bought them? The Federal Reserve bought $2 trillion dollars. You scratch your head and you say, ‘Well, that’s assets. That’s good when you take your savings.’ They didn’t take savings. They simply printed the money and bought all the bad assets.”
Paul also admitted the Republican Party need to acknowledge the unnecessary increase in defence spending.
“Conservatives in my party will have to admit there’s waste in the military budget,” the Senator said.
Stewart tried to get Paul to say that one problem with balancing the budget was that the rich weren’t paying their fair share. The author didn’t bite.
“When you look at who’s paying the taxes, the top one per cent of wage earners pay about a third of the income tax. The top 50 per cent of wage earners – that’s $70,000 and above – pay 96 per cent of the income tax. The middle class and the wealthy are paying their fair share. They are paying plenty of taxes.”
The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Exclusive – Rand Paul Extended Interview Pt. 1 www.thedailyshow.com
Daily Show Full Episodes The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Exclusive – Rand Paul Extended Interview Pt. 2 www.thedailyshow.com
Daily Show Full Episodes The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Exclusive – Rand Paul Extended Interview Pt. 3 www.thedailyshow.com
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