American's largest third party is calling plans by the incoming Obama administration a "multibillion-dollar boondoggle."
"We're not going to spend our way to economic recovery," says Andrew Davis, a spokesperson for the Libertarian Party. "You can't even call Obama's economic plans a gamble because the results are written in stone. We've tried this Keynesian experiment many times in the past, with no proven success. It's nothing but a multibillion-dollar boondoggle."
The Libertarian Party says that Obama's spending proposals, which include funding the largest public works program since the 1950s, will take too long to implement and don't pass a cost/benefit test.
"The best plan for economic recovery would be giving more money back to taxpayers in the form of tax cuts, which can increase consumer spending and increase job creation," says Davis. "It will also avoid the corruption and wastefulness of government spending—something that must be addressed at once if we expect to remain a free and prosperous nation."
"Public works projects, like those proposed by the Obama administration, will take too long to implement and many will cost far more than their economic benefit," Davis explains. "So, not only will the government be spending taxpayer money on wasteful projects, it be spending money during a time when economic relief is not needed. Conversely, tax cuts are always in season."
The Libertarian Party also warns that adding close to a trillion dollars in additional government spending to the budget will push the United States closer to financial ruin.
"Elected officials don't like to talk about the reality of government spending because it's not an issue that gets them reelected, especially when they will be long-gone before it comes time to pay the piper." says Davis. "However, we've reached an event horizon in spending that if government doesn't immediately begin to cut its programs, the only option will be massive tax increases unlike Americans have ever seen."
Davis says the government's focus should be on permanent and significant tax cuts. "However, any tax cuts absolutely have to be offset by a reduction in government spending, or else we're merely asking for higher taxes in the future," Davis explains. "We must not make the same mistakes of the Bush administration, which cut taxes, but also dramatically increased government spending."
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