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.