As Cat announces factory shutdowns, Libertarians want Obama explanation

More jobs lost as ‘stimulus’ bill delays economic recovery

WASHINGTON -- America’s third largest party Wednesday asked President Barack Obama to explain to the American people why his $787 billion “stimulus” government expansion plan has once again failed to deliver on even its most basic promises.

“If he has time to explain why Congress should outlaw private health insurance and force Americans into expensive, rationed care he has the time to explain why exploding the deficit and expanding government isn’t creating prosperity,” said Donny Ferguson, Libertarian National Committee Communications Director.

“...if Congress passes our plan, this company [Caterpillar] will be able to rehire some of the folks who were just laid off...,” said Obama in a Feb. 11 speech at Caterpillar’s Peoria, Ill. corporate headquarters, promising that passage of the government expansion plan meant “a new wave of innovation, activity and construction will be unleashed all across America.”

That promise contrasts sharply with statements released Tuesday by Caterpillar, not only announcing the company would suffer a "challenging" third quarter,” but that it would begin a rolling shutdown of its factories. The Dow Jones industrial average fell and the Nasdaq and the S&P 500 added losses upon hearing the news.

“This week’s news that Caterpillar continues to suffer losses, instead of the great leap forward Obama promised, proves yet again the so-called ‘stimulus’ bill must be repealed,” said Ferguson. “Obama promised jobs, but has only produced rising unemployment, rolling shutdowns of factories and a record-shattering federal deficit that will only destroy more jobs. We will eventually recover. The only question is how long will Obama delay our recovery by exploiting fear to radically expand government.”

“Libertarians have a better idea to create the jobs Americans need. Cut taxes on employers and consumers, cut taxes on investments, pursue more open markets to sell American goods and repeal unneeded and unnecessary regulations that prevent job creation,” said Ferguson.

Caterpillar earlier laid off 2,450 workers in three states Mar. 17, one month after Obama got his government expansion plan that was supposed to spur hiring at that company and others. The White House report created to sell the “stimulus” program said passage of the bill would keep the national unemployment rate below eight percent. It has instead sent unemployment rates skyrocketing to a 26-year high of 9.5 percent.

For more information on this issue, or to arrange an interview with the Libertarian Party, please call Director of Communications Donny Ferguson at 703-200-3669 or 202-333-0008, x. 225, or email Donny.Ferguson@lp.org.

The Libertarian Party is America's third-largest political party, founded in 1971 as an alternative to the two main political parties. You can find more information on the Libertarian Party by visiting http://www.LP.org. The Libertarian Party proudly stands for smaller government, lower taxes and more freedom.