Jim Brown - OneNewsNow - 3/10/2009 8:00:00 AM A Christian financial expert says the "socialist" economic policies of President Obama may bring temporary relief but they will also lead to long-term destruction of wealth.
Bloomberg reports that the Dow Jones Industrial Average has fallen 20 percent since Inauguration Day, the fastest drop under a newly elected president in at least 90 years. When asked last week about stock market swoon, the president replied: "What I'm looking for is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing."
Chuck Bentley is CEO of Crown Financial Ministries and host of the radio program "MoneyLife." He says professional investors are "voting no" on President Obama's economic plan by taking their money out of the markets, because they know that wealth is not created through borrowing and spending.
Obama's plan, says Bentley, reminds him of someone who has "maxed out" the $5,000 spending limit on their credit card and is in danger of not being able to pay that bill.
"So you suddenly got a $50,000 increase in your spending limit and you felt really good about your policies, and you said 'Everybody's going to have more money, there's going to be more money to go around,'" Bentley suggests.
But there is a problem, says the financial expert. "The people looking long-term are saying, 'Well, one day you're going to come up to your $55,000 limit -- and if you didn't have the money at $5,000 to pay your credit card, how are you going to have it when you have a $55,000 debt?'"
Bentley says although he has never been a political activist, he believes there needs to be an "outspoken voice" against President Obama's plan to impose a greater tax burden on investors and small businesses in America.