First question is whether the Federal Reserve should be audited or held accountable to the public?
Santorum is first — calls for reforming the Federal Reserve, but then goes into his response to the last series of questions about jobs (he was ignored). Cain says yes, audit the Fed, but don’t end it. (Cain used to run the Fed Reserve Bank of Kansas City). Says current Fed policies have led to devaluation of the US dollar. Bachmann is asked whether she agrees with Perry, who came close to accusing Fed President Ben Bernanke of treason. She dodges the question but says he wouldn’t re-appoint Bernanke. Says she worked “behind the scenes” against the 2008 bank bailout. She calls for an audit and for reducing the size of the Fed. Perry stands by his earlier comments, calls it a “travesty” that the value of the dollar has shrunk over the years. Romney says of course there should be proper oversight of the Fed, but distances himself from Perry and says the Fed should exist. If not the Fed, who is going to control our money? Congress?
Next question is, “how much of each dollar I make should I get to keep?” (great question, I must say).
Huntsman goes first, says he would lower and simplify individual tax rates, as well as corporate tax rates, while reducing corporate welfare. Says the problem is the nation’s growing debt. Gingrich is asked whether it’s fair for companies to get tax breaks? Gingrich rants against tax breaks for oil and gas — says it’s lamentable that the US imports so much energy from the Middle East — calls for more energy production here at home. Gingrich then asked whether ending a tax break equals raising taxes? Responds that it’s a bad idea to raise taxes right now on anyone (that presumably includes ending tax breaks for businesses).
Next question is whether any candidates would support a Fair Tax?
Romney goes first, says it’s not a terrible plan, but says his plan to lower taxes would be a better alternative.
Next question is about the President’s authority to use executive orders.
Paul goes first, says it’s a power that’s been abused — says it should never be used to legislate. Perry asked about his decision to use executive order to require young girls in Texas to get the HPV vaccine. Responds that cervical cancer (which HPV causes) “is a terrible way to die.” However, he says he made a mistake by not going to the state legislature. Bachmann is next, says it’s “flat-out wrong” to require young girls to get shots. Says that’s why she fought so hard against Obama’s healthcare law, says it will lead to government controlling healthcare. Perry says his law was not a mandate because it contained an opt-out clause. Says he knows he’ll be criticized for the decision, but says he “erred on the side of caution.” Bachmann responds that big drug companies stand to profit off laws like the one Perry signed in Texas. Perry gets a chance to responds, says the company was Merk, says they gave him $5,000 during his campaign — turns to Bachmann and says if you think I can be bought for $5 grand, you’re wrong. Santorum goes next, says there is no purpose ever for the government to force girls to get shots — calls it “big government run amock.” Perry gets one last chance to respond — says he was trying to save lives.
Next question is what the candidates would do to lower healthcare costs?
Cain goes first, says he’d repeal Obama’s healthcare law, pass “loser-pays” laws, restructure Medicare allow association health plans. Romney asked about the perpetual elephant in the room — his decision to pass an individual healthcare mandate as Governor of MA. Says healthcare is so expensive because people lack health savings accounts. Says he’d order HHS to grant a healthcare waiver to anyone on his first day as President. Perry says we wouldn’t have Obama’s healthcare law if not for Romney’s that preceeded it. Calls the Romney plan wrong for the country and wrong for the state of MA. Says states should be allowed to craft their own health plans. Romney gets to respond — says his plan was way different than Obama’s. Said what Obama did “was simply wrong.” Adds that majority of people in MA supported Romney’s plan back then. Paul, a physician, is asked to weigh in — says under his plan, people would take care of themselves when they get sick, or churches. “Freedom is about taking your own risks.” Calls for legalizing alternative healthcare. Bachmann goes next, takes a swipe at Romney by saying that issuing an executive order won’t be enough to undo the Obama healthcare law. She says it must be repealed legislatively. Says “this is the election that is going to decide if we have socialized medicine or not.” Bachmann, sounding fired up, says Romney is not committed to repealing Obama’s healthcare law. Gets decent applause.
And it’s time for another break, stay tuned…