In this time of fear, chaos and uncertainty, a choice must be made in the heart of every individual — to abandon one’s principles to fear, or to hold firm to them. The Libertarian Party seeks always to lead by example, and we choose to hold firm to ours.
One of the core principles of libertarianism is that governments should not pick winners and losers. Instead, the free market should make that determination. All efforts by the government to redistribute wealth inevitably result in favoritism towards the politically well-connected.
Right now, the government is also in the process of making a choice — the choice to take $2 trillion of taxes and redistribute it, citing economic security. It would be one thing if the government was simply refunding taxpayers their hard-earned money, which many believe to be the case. Unfortunately, basic math does not support this belief.
“The population of the United States is approximately 330 million. When divided among the population, $2 trillion equates to more than $6,000 per person,” said Libertarian Party Chair Nicholas Sarwark. “The government could be returning $6,000 to every person, but instead, it is planning to give $1,200 to each adult under a certain income threshold.”
Why?
“Because of bailouts,” Sarwark said. “In exchange for the chance at a $1,200 check, every man, woman and child in America will add another $6,000 to their existing $71,500 portion of the national debt to subsidize airlines, cruise lines and bureaucratic bottom lines.”
Though the final version of the bill has not been decided, early drafts indicate the balance of the $2 trillion will go to corporate bailouts and government programs. While the people are suffocating under a deluge of layoffs, cutbacks and shortages, the government is doing what government does best — spending money like it is in endless supply.
There is a distinct reality that the government has no idea what businesses and industries will survive an economic cataclysm. Government bailouts to corporations could be propping up businesses that legitimately should fail based on market activity.
Returning money directly to taxpayers is the only sure way to inject dollars into the economy where they will not be wasted.
Release: Sarwark on Stimulus Bailouts by Executive Director on Scribd
