Is the Gold Standard Making a Comeback?

Yesterday was the 30th anniversary of Republican Rep. Jack Kemp’s introduction of the Gold Standard Act of 1984—a bill that some regard as the last congressional push for sound money.

“Lower marginal tax rates and a proxy for the gold standard created 40 million jobs,” Jack Kemp Foundation President Jimmy Kemp said at a forum hosted in the U.S. Capitol. “We are here today to encourage people to take it and bring it to conclusion.”

The Jack Kemp Foundation, in association with American Principles in Action, hosted the event Friday to discuss Kemp’s gold standard legacy and to encourage a solution to Kemp’s “unfinished business” of supply-side economics. Kemp, who represented New York in Congress and ran for vice president, died in 2009.

The speakers of the forum included Dave Hoppe, Kemp’s chief-of-staff; John Mueller, the staff economist to Kemp; Ralph Benko, founder of the Prosperity Caucus; and Jeffrey Bell, the national co-chairman of Kemp for President as well as the Republican candidate for the New Jersey Senate race whose platform rests heavily on the gold standard.

The Heritage Foundation’s Norbert Michel attributed the Federal Reserve’s recent “aggressiveness” as a key reason for the resurfacing of the gold standard discussion.

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