Wednesday, February 25, 2009

Markets Offer Vote of No Confidence in Obama Spending Spree

America’s job creators offered the Obama administration’s economic plans another resounding vote of no confidence, with stocks plunging once again as President Obama refused to change the failed big-spending, big-government policies responsible for the current economic stagnation, Libertarian National Committee Communications Director Donny Ferguson pointed out Wednesday morning.

When markets opened after Obama’s economic address to Congress Tuesday night, the Dow Jones industrial average fell 90.64 points, or 1.23 percent, to 7,260.30. The Standard & Poor's 500 Index plummeted 9.41 points, or 1.22 percent, to 763.73. The Nasdaq Composite Index lost 16.26 points, or 1.13 percent, to 1,425.57.

“Each drop in the market represents real pain inflicted on working Americans by Obama’s dedication to policies that have been proven failures,” said Donny Ferguson, Libertarian National Committee Communications Director.

“Not only are they resounding votes of no confidence in Obama by the very people who create jobs, they are robbing Americans of their retirement savings and employment prospects.”

The stock market has lost more than 10 percent of its value since Obama took office, usually plunging on days when the administration announces more plans to make government bigger and more expensive.

“Americans are suffering through unemployment, underemployment, bankruptcy and foreclosure, and President Obama is adding to their pain by sticking with big spending that has never revived an economy. Americans don’t want welfare handouts financed by crippling tax hikes on their children, they want the kind of good-paying careers that only the free market can provide,” said Ferguson.

“Obama should stop exploiting our economic woes as a reason to expand government and make Americans dependent upon voting for him to put food on the table. Both Republicans and Democrats have put us in this situation by pushing bad home loans, racking up debt and regulating small employers out of business. The only prescription for economic recovery is tax relief for employers and taxpayers and to get the government out of the way of recovery,” said Ferguson.

“No nation has ever spent itself into prosperity. The Libertarian Party is the only party supporting the kind of fiscally responsible change America needs to empower employers and get our economy moving again,” said Ferguson.

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