No; pretty much all the data we have by experts agrees on one thing: spanking is the least effective form of discipline, and more likely to cause other problems (like aggression and mental health issues).
We're a civilized society. We can raise our kids in a civilized manner if we so choose. 35 countries have outlawed corporal punishment, I fail to understand why we don't.
There's a fine line between spanking and domestic violence sometimes, and by not taking a stand to outlaw corporal punishment we are leaving that line very blurred.