You really need to read some Ludwig von Mises or Friedrich Hayek. There were vibrant economies long before governments stifled their productivity with endless taxes and regulations. Those people might actually have to get jobs that would require them to contribute positively to human well-being.
Let me put it in simplistic terms for you. Can you imagine life without April 15, accountants, tax lawyers, bureaucrats pushing man-years of regulations on your business ?
I'm not saying it couldn't be successful if implemented over time. I'm saying it ain't gonna happen in 4 years even if magic happened and Ron Paul were actually elected. Such a violent jolt to the economy would be suicidal if implemented immediately and Paul would be hated more than Bush and Clinton combined.