Mediaboss Marketing

If he reaches the Oval Office, Paul, who announced his presidential candidacy Tuesday, wants to reel in government spending, taxes and regulation. He would like to increase America's energy production and put more oversight on the Federal Reserve.

While many details of the Kentucky senator's plans need to be fleshed out, here are four key points of "Paulonomics" that we know so far:

1. An energy-focused economy: Drill baby drill.

Paul wants the U.S. economy to run on American gas, oil and coal. His budget plan -- arguably a presidential manifesto -- calls for more government-owned land to be open for drilling. Perhaps not surprising for a senator from a coal-heavy state, Paul says America should return its focus to coal energy.

Paul is a big advocate for the Keystone XL Pipeline, which he says will create jobs and enhance America's energy independence.

Paul's energy economy will face major questions during the election. Oil prices have tumbled from $100 a barrel to about $50. There's an oil oversupply in the world, and U.S. energy companies have laid off 30,000 workers this year, according to the Labor Department.

It's uncertain how Paul's energy economy would stack up against the industry's tough reality right now.

Related: The Ted Cruz economy: Reality-checking his talking points

2. Federal spending slide: Paul wants to eliminate the U.S. departments of education, commerce, housing and energy (that would cut a quarter of the president's cabinet secretaries). He would reduce government payments on food stamps, Medicaid and child nutrition programs too. Paul argues that many welfare programs waste money.

These cuts are meant to eliminate the U.S. government's deficit and return power to state governments. It's unclear how easily Paul could shave off four departments and decrease America's welfare programs. The four departments he wants to get rid of are also small spenders compared to defense, Social Security and Medicare

See original here:
Rand Paul-onomics: 4 things to know