====== FOR IMMEDIATE RELEASE ======
America First Party
1630 A 30th Street #111
Boulder, Colorado 80301
Monday, January 21, 2008
Market Poised for Meltdown On Heels of Pathetic Stimulus Plan
Boulder, CO -- Last week, in response to signs of growing economic weakness, President Bush announced a pathetic temporary $150 billion bipartisan stimulus package comprised primarily of tax cuts and immediate tax rebates. This amounts to about 1% of GDP and does nothing to counter the domestic economy's underlying problems, but it does have potential to influence the 2008 elections.
Many Americans are now in financial crisis, and some are losing their homes. They acutely feel the inflationary cost-push effect of energy costs, and they have seen their high-paying manufacturing and engineering jobs sent overseas where salaries are 10% of theirs. Replacing our once mighty industrial economy is a fast growing and low paying service sector which provides relatively little to workers in terms of health benefits. Now corporate earnings are suffering and the stock market has plunged 15% from its October 2007 highs. This is not a time for political grandstanding.
"Both parties are missing the point," says Jonathan Hill, Chairman of the America First Party. "It is their own abusive tax, monetary and failed free-trade policies that are the primary culprits. The present slowdown is part of the secular downtrend of our failing industrial economy. We don't need another temporary stimulus package. This is a strategy of losers that will keep our economy in free-fall. We need protectionist tariffs immediately, like those implemented by Alexander Hamilton, while we still have the world's largest market. Tariffs were critical in building our once mighty industrial economy, and they are critical to saving it."
Public Relations Chairman J.C. Schweingrouber added, "Big government leaders in both parties miss the fact that the temporary tax cuts are insulting. The money belongs back in the pockets of taxpayers and is theirs, not the government's. The cuts should be much larger and should be permanent. The wealth of Americans is not for the politicians' frivolous whims."
The America First Party platform calls for bold changes to strengthen our economy and spur economic growth. Among these are an end to the federal income tax, a Balanced Budget Amendment, the elimination of all unconstitutional spending, prudent elimination of the Federal debt as quickly as possible, and tariffs to protect workers and businesses.
Jonathan Hill, National Chairman, 1-866-SOS-USA1, ext. 4
John Schweingrouber, Press Secretary, 1-866-SOS-USA1, ext. 2