A third-party candidate hasn't won the presidency since 1860, when Abraham Lincoln came into office.
But third parties serve an important function in the democratic process, despite their low election rate, said Michael Rocca, assistant professor of political science.
"They are often important agenda-setters. They can introduce issues onto the agenda that the two-party candidates ignore," he said.
Libertarian candidate Bob Barr has said he supports cutting unnecessary spending and earmarks in the federal budget.
"Government spending, at all levels, is out of control," Barr has said. "Most Americans understand the problem of earmarks, commonly used by pork-minded congressmen to buy votes. But while earmarks are an outrageous abuse of the taxpayers' money, they account for a very small percentage of federal spending."
Ralph Nader, the Independent candidate on the ballot, said government funds need to be reallocated away from military spending.
Get content from The Daily Lobo delivered to your inbox
"Half of our federal operating budget is now military spending. There's no more Soviet Union. Communist China is not our threat - they want our jobs and industry, and our corporations are obliging," Nader said in a debate in January.
Nader said the U.S. needs to find a way to make more jobs available at home instead of overseas.
Chuck Baldwin, the Constitution Party candidate, said the U.S. should adopt a debt-free and interest-free money system.
"I would work to expunge the Federal Reserve and to restore the American economy to sound money," Baldwin said. "No system of 'debt money' should ever again be imposed on the people of the United States."
Baldwin said the federal government has spent money irresponsibly, which has led to the collapse of the dollar.
The Green Party's candidate, Cynthia McKinney, said the government has enough money but does not spend it on the programs that need it most.
" ... The Pentagon spends $60 million buying Tamiflu at a time when the Secretary of Defense owns stock in the company that makes Tamiflu, and Tamiflu doesn't even prevent bird flu, because it mutates," McKinney said in a debate in January. "There is no dearth of money. It is a question of political will."
Third-party candidates don't usually win elections because electoral rules work against them, Rocca said.
"Particularly the single-member, first-past-the-post system of congressional elections and the winner-take-all element of the electoral college (prevent them from getting elected)," he said.
Third-party candidates face another obstacle in fundraising, he said.
"Since third parties can't win - in fact, most voters consider a vote for a third party a wasted vote - they aren't considered viable, which leads to very small war chests," Rocca said. "Without credibility, there won't be money. Without money, there won't be competitiveness."
College Libertarians vice president Lucas Jackson said third-party candidates run to give people more information and more options when they vote.
"Obviously, Bob Barr isn't going to win, and I'm a realist and I understand that, but what we are looking for in this election is giving people options and informing people about libertarians," he said.
Jackson said many vote using "the lesser of two evils" method when choosing a candidate from the Republican or Democratic parties. However, he said, third-party candidates are becoming more popular, especially among young voters.
"It's not always about winning or losing," he said. "It's not about picking the lesser of two evils; it's about voting for who you think should represent the country."
Freshman Max Miller said the two-party system does not represent the diversity of voters.
"I am definitely in support of not only a third party but several political parties," Miller said. "I think the two-party system can lead people to assume that there are basically two types of people in the world. And I think that assumption is completely false."
