Libertarian Party: Spending will lead to waste and debt

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More spending on the horizon - but is it a good idea?If President-elect Barack Obama’s stimulus package goes ahead, the country will eventually be left with a "flat economy" and increased debt, according to the Libertarian Party.

The party’s national chairman, William Redpath, said that spending trillions of dollars will do little or nothing to pull the economy out of a recession and will, in fact, cause further problems down the road.

He pointed out that Presidents Hoover, Roosevelt and Ford had all attempted to stimulate the economy by spending on projects in the past, but these efforts were not successful, instead leaving the country with a burden of debt.

"This debt is later repaid with magic money borrowed from foreign countries, printed out of thin air or from tax increases," Redpath explained.

Fraud and pork spending also plague typical big government plans for funding projects around the country, he said.

"So, much of the money taken out of the economy, in order to jump-start the economy, is lost, leaving American taxpayers with a flat economy and even more debt to pay," he added.

The Libertarian Party, along with a number of economists, think tax cuts would be a better path to economic recovery.
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