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Ted Cruz's Economic Policy Might Not Be Embraced

While the GOP establishment would have preferred Jeb Bush or Marco Rubio as the 2016 Republican presidential nominee, they consider Ted Cruz the preferable choice to Donald Trump. Yet, Cruz's economic policy is one they aren't supporting.

On Friday, Cruz told CNBC that he wants to push America back to the gold standard. This is the standard that no other country uses and not a single surveyed economist thinks is a good idea.

Under the gold standard, the dollar is worth a certain amount of gold. As it stands, gold is a commodity and its price, driven by supply and demand and speculation, swings wildly. With the gold standard, a central bank like the Federal Reserve would have to raise and cut interest rates not based on how well the economy is doing, but what’s going on in the gold market.

Cruz has said, “We had it for about 170 years of our nation’s history, and enjoyed booming economic growth and lower inflation than we have had with the Fed now. We need to get back to sound money.” Matt O’Brien wrote in the Atlantic, it “was a time of more frequent recessions, more protracted recessions, and more severe recessions. In other words, the bad old days.”

Photo: Gage Skidmore

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