Former Texas Gov. Rick Perry (photo credit: Gage Skidmore)

Perry on Why Your Paycheck is Shrinking (VIDEO)


This morning at an event at St. Anselm College in New Hampshire, Rick Perry called for robust new growth to address rising prices:

The President may be satisfied with 2 percent economic growth. I’m not. For the first time in American history, a generation of leaders are on the verge of breaking the social compact, if you will, with the next generation. That is that we leave a better country for them, than what we found ourselves. Fewer of us believe in the American dream now than in the last twenty years. For middle class Americans, opportunity and security have been replaced by worry and anxiety. Out-of-pocket healthcare costs, housing, college tuition. All of them have gone up faster than wages have. Student debt is at an all-time high, and this has to change. It’s time to restore hope and opportunity to middle class America.

He pointed to high taxes as part of the problem: “Economists will tell you that if you cut the corporate tax rate by 10 percent, it will lift the wages for the middle class worker by about 5 or 10 percent. That’s what we need to be focused on: helping raise those workers’ wages.”

And then Rick Perry pointed to the Washington-Wall Street complex—i.e. the way Dodd-Frank is starving Main Street of money:

We also need to tackle the inequities that are caused by this Dodd-Frank regulation. Dodd-Frank didn’t eliminate ‘too big to fail.’ As a matter of fact, it codified it. It gives preferential treatment to these large institutions on Wall Street, while restricting access to funds for Main Street. You see, the cost of legal compliance is now overwhelming. Our community banks—and those of you who come from small communities know that those community banks may be the only institutions, particularly in our rural areas to fund economic development there. They happen to provide half of the small business loans in this country.

Perry is competing here both in the money primary and the voter primary, by demonstrating how he can advocate for workers through policies that help grow the economy instead of redistributing money through Washington. He is still missing the role the Fed is playing in this dance.  But at least he is naming the problem voters are experiencing: rising prices, falling wages, declining standard of living and falling hopes for the future.

Maggie Gallagher is the editor of

Maggie Gallagher

Maggie Gallagher is a senior fellow at the American Principles Project.

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