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Economists Slam Clinton And McCain, Support Obama
By Bloggaman | May 1, 2008
Presidential candidates Hillary Clinton and John McCain were slammed today by economists on their idea of the Federal gas tax holiday both had suggested. Candidate Barack Obama was also against the idea so that tends to make him look good at a time when he is still having trouble with questions regarding Reverend Jeremiah Wright.
Now you are probably thinking to yourself - it is saving me money -how is that a bad idea? Well the economists explain that in the story and it makes a great deal of sense. First of all, they want to have the tax holiday during the summer months when people drive the most.
Here is why it isn’t a good idea:
“Economists said that since refineries cannot increase their supply of gasoline in the space of a
few summer months, lower prices will just boost demand and the benefits will flow to oil companies, not consumers.
“You are just going to push up the price of gas by almost the size of the tax cut,” said Eric Toder, a senior fellow at the Urban-Brookings Tax Policy Center in Washington.”
Obama commented that the move was completely political and had this comment:
“It would last for three months and it would save you on average half a tank of gas, $25 to $30. That’s what Senator Clinton and Senator McCain are proposing to deal with the gas crisis,” he said on Tuesday in Winston-Salem, North Carolina.
Hillary Clinton fought back at Obama saying he is “out of touch with ordinary Americans”.
Another problem I see is that the Federal gas tax “is used to fund the Highway Trust Fund that builds and maintains roads and bridges.” How will we pay to fix roads when we don’t have money from the gas tax that isn’t collected?
“We will pay for it by imposing a windfall profits tax on the big oil companies,” she said on Tuesday. “They sure can afford it. This is a big difference in this race. My opponent opposes giving consumers a break from the gas tax but I believe the American people are being squeezed pretty hard.”
Yeah, sure Hillary. You talk a big game but you never actually do what you say.
You know what, I feel the heat of the higher gas prices. I hate that the oil companies are making record profits too. We all are, but this idea won’t fix a thing. At the same time I am sure Hillary would change her opinion if the oil companies donated money to her campaign like they did Dubya’s.
She isn’t in touch with people. She is in touch with trying to get her ass elected and that is it. If she were to become President, she would forget “the people” that she claims to be in touch with. Just compare the campaign donations she receives with that of Obama. Obama gets all his donations from “the people” while she gets a lot of hers from PAC’s and lobbyists because they know she can be bought. Barack Obama is in touch with the people and will be after he is elected.
Here is a piece from a speech she did In East Rochester at the unveiling of Rochester’s “Greenprint” plan.
“Senator Clinton addressed the need for the United States to end its dependence on foreign oil and promote renewable energy technologies like bio-fuels and wind power, as well as advance energy efficiency in our buildings and vehicles.”
So, the way to end dependence on foreign oil is to cut a federal gas tax that will increase the demand for that foreign oil? I agree with Barack Obama. This move is completely political in nature because it won’t help us, it will likely hurt us more. In fact, she is hurting those that have spent money on fuel-efficient hybrid vehicles. As economist Gilbert Metclaf points out:
“If we want people to invest in energy-saving cars, we need some assurance that the higher price paid for these cars is going to pay off through fuel savings,” he said. “It is a very short-sighted, counterproductive proposal.”
Hillary quit talking about people being out of touch. If you want to be in touch with someone go home and be in touch with Bill. Leave the politics to a guy that is actually for the people and is not just saying he is.
Topics: General, Politics, Taxes |
