Wednesday, March 4, 2009

Why Do We Need A Stimulus Package?

The day Barack Obama assumed the Presidency the Dow Jones Industrial Average opened at 8,279.63. By the end of that day it plummeted to 7,949.09. Through February 9th it girated but ended that day at 8,280.59. Yesterday's close was 6,726.02. It is 19 percent lower than the day he assumed office.

Everytime the President speaks he hurts America's wealth. Take a look at the Healthcare stock index since he gave his famous speech about rationing, opps, nationalizing healthcare. On the day he assumed office it was at 253.43. It was making a recovery hitting 272.23 on February 9th. Yesterday it closed at 219.57, a 20% drop or about $8 billion dollars in assets based on the average day trade volume.

Imagine the wealth that is lost everytime this President speaks. If he kept quite we would still have our money. Yet, he wants to tax more so people become artificially dependent on the goverment. IRAs, 401Ks(my friend says his shrunk so much it is now a 101K), college funds, health and welfare funds, all are suffering because this President wants to socialize this nation.

Alex Mendossian writes about the history of the entrepreneurial revolution that created jobs and wealth in this country. We don't need a stimulus. We need government to get out of our way and let small business do what it always did. Hire people with innovative ideas to create new markets and new opportunities.

If you want to read a similar post hop over the commonsensepoliticalthought.com and see what Dana wrote. I seear she was at our daily breakfast meeting. Dana, this topic was breakfast this morning.

Dana quotes a Wall Street Journal article The Obama Economy.

The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy. Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they’re no longer wanted. Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier.

Dana, I swear this topic was the discussion at our daily breakfast.

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