The U.S. government is mistaken if it thinks that it can help the American people by interfering with the free market, according to Texas Representative Ron Paul.
He told CNN’s American Morning program that the bailout will lead to inflation and will end up doing "no good whatsoever" for the country’s economic situation.
In addition, he criticized the idea that creating new money and encouraging spending provide the keys to boosting the economy.
Paul characterized these measures as typifying the "arrogant" belief of politicians and bureaucrats that they can regulate the free market.
Instead, the congressman from Texas called for a "drastic" tax cut that would allow Americans to "keep the money they earn."
When questioned about the future of the country, Paul replied that he finds weaknesses in the economic policies of both John McCain and Barack Obama.
However, when asked to differentiate, he said that the Republican’s healthcare plan offers "a better approach" but that the Democrat’s ideas about withdrawing from Iraq will save the U.S. billions of dollars.
Paul’s comments come as chairman of the Federal Reserve Ben Bernanke has suggested that another economic stimulus package is needed to help heal the ailing economy.