As the race for the White House heats up, former U.S. Representative Ron Paul says neither Hillary Clinton nor Donald Trump offer what the U.S. economy needs right now.

"I think neither one will restore a great, great economy, because I think there's too many mistakes out there, too much mal-investment, too much debt, too much pain to correct these things," Paul said last week on CNBC's "Futures Now."

The Libertarian firebrand has long predicted a bubble in stocks, and doesn't see Trump or Clinton offering solutions to the issues he feels plague the economy.

"I'm still looking for my third candidate," the former Republican Party presidential candidate said.

"I want just to move in the direction of less spending, less taxes, less regulations, less pruning of money, less power in the financial system, less power from the Federal Reserve and I don't see that candidate that will do that."