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Libertarian Party: Spending will lead to waste and debt

January 14, 2009 by  

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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  • http://www.createfinancialwealth.com Home Based Business

    You know the best solution for a broken economy, is for the News to stop saying we have a broken economy. That is where it all should start. People must start to believe that things are getting better. They believe what they hear!

  • Ken

    We’ve been through this “top-down” economic stimulus, and it eventually leads to trouble within a decade. This reminds me of the Russian top-down democratization which has been a dismal failure. A better idea is the bottom-up approach adopted by the Chinese. China has taken a lot of criticism from foreigners, who do not realize that the middle class there is growing even faster than the American middle class is beeing destroyed. The Federal government wants us to spend spend spend at a time when there isn’t anything there. Instead they want to give mountains of money to their wealthy supporters to buy larger estates and yachts and throw lavish parties. This does not help anyone except that 1% at the top.
    What the Feds should do is to give every adult (over 18) a million bucks to spend any way they want to. Some would settle debts, buy new cars, and some would use it to replace what they have lost on their retirement accounts, and a few would go to Las Vegas and Atlantic City. Any way you look at it, this would be cheaper and the money would be spread throughout the economy with an efficiency Washington could never dream of, and it would only cost a fraction of the figure they are talking about.
    After the economy is on its feet, we need to base it on something tangible. The government probably doesn’t have enough gold left to talk about, so suppose we have an oil-based currency, say $1 equals one gallon of crude oil. That would probably also stabilize oil prices too. To do this we need an effective organization with enough power to force the issue. This would save this country and perhaps reestablish democracy.

  • http://twitter.com/SeaMist Theresa

    America needs to grow up and understand that there is no real Santa Claus, no tooth fairy and no real federal reserve for it’s a private corporation. Lets get out of all this nonsense already and get Real.

  • s c

    From what I’ve seen, libertarians tend to be another type of fence-sitter. It’s nice to know that you finally figured out that this charade will lead to more spending and more debt. Do you yet understand that we have a resurrected FDR in the White House? This time around, we don’t know if we can count on an ethical, credible, constitution-believing Supreme Court to put this New Age FDR in his ‘place.’ This time, like it or not, America is playing for all of the marbles. We win or we lose – everything.

    • Frank

      Wrong answer batman…This Libertarian will push the fence down and dig to expose and push to change our nation back to a Republic free from this kind of Goverment run cess pool.

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