Obama's economic plan: redistribution of wealth
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Winningreen ENERGY Alert
By Gretchen Randall
Date: August 4, 2008
Issue: Democrat presidential candidate Barack Obama has introduced his “emergency economic plan” to help people pay high gasoline prices, high air-conditioning prices and this winter, high heating costs. It’s a page right out of Das Kapital. His idea is to confiscate “excess” oil company profits and redistribute them. Instead of increasing supply by opening more domestic areas to exploration, he’s proposing the tired plan of all socialists — take from those who have earned it, penalize those who work to earn it and distribute it to others or — “From each according to their ability, to each according to their needs.”
Obama’s plan would give $500 to every “struggling” individual and $1000 to married couples which will be “paid for with five years of a windfall profits tax on record oil company profits.” He does not define “excess” profit nor which government bureaucrat will decide that.
Comment: Obama’s plan won’t solve our energy supply problem and unfairly attacks the industry that could bring us closer to energy independence.
Comment: Obama doesn’t understand economics: oil company profits are up because the price of crude oil is high and the price of crude is high because demand is greater than the supply. Increase the supply or reduce consumption and both prices and profits will fall.
But if prices and profits fall, Democrats won’t have the oil industry profits to target.
Comment: Even with profits up, oil companies’ net profit is running around 8 percent — pretty average.
Comment: So, Mr. Obama knows what the “correct” profit is for oil companies. Does his wisdom extend to the profits that should be made by pharmaceutical companies? Grocery stores? Doctors and dentists? How about airlines, truckers and shippers? Where is the relative conservatism of Hillary Clinton when the Democrat Party needs it?
Comment: With 60% of Floridians and 51% of Californians now approving drilling off their coasts, it’s time for Democrats to listen to the people.
Contact: Gretchen Randall
3712 N. Broadway – PMB 279
Chicago, IL 60613