Obama - ""There's no disagreement that we need action by our government"

The libertarians at the Cato Institute got weary of this line of argument and took out a newspaper ad in The New York Times on Jan. 28, 2009.

"With all due respect Mr. President, that is not true," the ad said.

"More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan's 'lost decade' in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today," the ad says. "Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth."

The Cato ad has 203 signatories, including three recent Nobel Prize winners.

We talked to one of the Nobel winners, Edward Prescott of Arizona State University, who won in 2004, about Obama's plan.

"I agree with his wants, but just because you want something, that doesn't make it happen," Prescott said. "I guess he thinks that everything can be solved by people's goodwill and good actions coming from Washington D.C."

Prescott advocates for a permanent reductions of the income tax, or, failing that, nothing.

"I hope Obama succeeds, but benign neglect is a good policy," he said. - Politifact.com

There in lies the biggest problem with Government. When you are handing out large sums of money it is very easy to find "Yes Men". Everybody gets in line, well what everybody wants isn't necessarily the best thing for them. We should remember that.