ONE TRILLION IN SHAREHOLDER VALUE DESTROYED
CLINTON/GORE ASSAULT ON HIGH-TECH
INDUSTRY HAS COST AMERICAN INVESTORS MORE THAN $1 TRILLION
WASHINGTON
- A recent study by Americans
for Tax Reform (ATR) shows that the interventionist policies
of the Clinton/Gore administration have actually cost Americans
more than $1 trillion.
According to Aaron Lilly, director of technology policy
at ATR, "While Vice President Al Gore is on the campaign trail
taking credit for eight years of incredible prosperity, he conveniently
overlooks the recent decline in the technology sector or the
market. Since April
1st of this year the NASDAQ has dropped more than
1,000 points, the Technology Sector Fund of the S&P 500
has lost more than 16 points, and leading technology companies
have lost more than $1 trillion.
All these factors seem to have shaken investor confidence,
not only in tech stocks, but also in Vice President Gore."
Lilly continued, "In July of this year, the Department
of Justice, the Federal Trade Commission (FTC), and the Federal
Communications Commission (FCC) worked with the European Union
bureaucrats to kill Worldcom's proposed acquisition of Sprint. This activism cost investors more than $100 billion, and now
these bureaucrats have set their sites on the proposed merger
between Time Warner and AOL.
The shift in policymaking from legislation to litigation
creates uncertainty and havoc for investors, and discourages
the very type of innovation that has driven our 'new economy.'"
"To date, the reverberations of the Clinton/Gore
administration's attack on the high-tech economy do not seem
to have reached beyond the technology industry, but given how
quickly the repercussions were felt throughout the technology
sector, it is only a matter of time before the entire economy
feels the impact of the radical intervention approach of the
Clinton/Gore administration," said Lilly.
"What Al Gore should really be saying to the
American people is that, 'Thanks to your hard work and ingenuity,
we are enjoying unprecedented economic prosperity, but thanks
to my heavy handed interventionist approach to the "new economy"
all that is in jeopardy.'
With a record like that it's no wonder the Gore campaign
has resorted to scare tactics and smear campaigns in the final
week of the election."
Concluded Lilly.
You can find the ATR study on the cost of the
Clinton/Gore administration's attack on the high-tech clicking
here.
