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cwo_ghwebb · 08-02-2008, 09:04 AM

Take from everyone and make us all dependents.

Barack Obama has released his “Emergency Economic Plan,” a clever mechanism that owes much more to Robin Hood than Milton Friedman. Obama plans to impose windfall-profits taxes on oil companies, and then redistribute the funds to taxpayers in the form of one-time rebates of $1000 per family. Obama also plans on spending an additional $50 billion, half of which will go to state governments.

The Obama campaign simply can’t keep its credentials as a Carter retread hidden. The windfall-profits tax got tried by Jimmy Carter in the last desperate months of his presidency as he tried to demonize oil companies for fuel price increases and shortages. The tax hit decreased domestic production and forced us to import more oil, and it did nothing to relieve weary consumers. Only when Reagan took office and eventually got the tax rescinded, along with other arbitrary tax disincentives towards domestic production, did fuel prices and supply stabilize.

The Congressional Research Service analyzed the Carter-era WPT and called it a complete failure.

Obama as Robin Hood

Note the use of the word “Emergency” carefully. Democrats in Congress don’t consider fuel prices an emergency; they just skedaddled for the summer without bothering to debate drilling. However, it makes for a nice title for those who want to take drastic action, such as nationalizing industries or slapping on huge new regulatory and tax burdens on the private sector. The desired result: making us a dependent class on the government and undermining investors.

Obama's Emergency Economic Plan

08-02-2008, 09:04 AM	#1 (permalink)
cwo_ghwebb No Use for Donk Twits Member Since: Jul 2005 Location: Costa Rica bound Posts: 6,675	Obama as Robin Hood *Take from everyone and make us all dependents.* Barack Obama has released his “Emergency Economic Plan,” a clever mechanism that owes much more to Robin Hood than Milton Friedman. Obama plans to impose windfall-profits taxes on oil companies, and then redistribute the funds to taxpayers in the form of one-time rebates of $1000 per family. Obama also plans on spending an additional $50 billion, half of which will go to state governments. The Obama campaign simply can’t keep its credentials as a Carter retread hidden. The windfall-profits tax got tried by Jimmy Carter in the last desperate months of his presidency as he tried to demonize oil companies for fuel price increases and shortages. The tax hit decreased domestic production and forced us to import more oil, and it did nothing to relieve weary consumers. Only when Reagan took office and eventually got the tax rescinded, along with other arbitrary tax disincentives towards domestic production, did fuel prices and supply stabilize. The Congressional Research Service analyzed the Carter-era WPT and called it a complete failure. Obama as Robin Hood Note the use of the word “Emergency” carefully. Democrats in Congress don’t consider fuel prices an emergency; they just skedaddled for the summer without bothering to debate drilling. However, it makes for a nice title for those who want to take drastic action, such as nationalizing industries or slapping on huge new regulatory and tax burdens on the private sector. The desired result: making us a dependent class on the government and undermining investors. Obama's Emergency Economic Plan __________________ I don't accept the false premise that I'm not the Messiah and I'm not infallible! - B.O.
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