One only has to see this campaign ad that Sen. Barack Obama is running in Pennsylvania to get an idea of his grasp on economics as it relates to the price of gasoline. Obama labels oil company profits as ‘windfall profits’ and something that needs to be taxed, ostensibly, to gain ‘energy independence.’ The fact that Sen. Obama calls a modest 10% profit margin a ‘windfall profit,’ something to be attacked with the tax hammer, calls to attention his ignorance in economic principles, running a business, and capitalism. It also shows his willingness to mislead and misinform Pennsylvanians.
Increasing taxes on a corporation to, ostensibly, bring prices down is not only wrong thinking from an economic perspective, but to characterize Exxon’s 10% profit margin as ‘windfall profits’ is dishonest and/or shows his ignorance where economics is concerned. Playing to the dumb masses is what liberals do. It is named appropriately though, ‘Nothing’s Changed.’
Given the chance, both he and Hillary would only make gas prices at the pump higher and the country more dependent on foreign oil than ever before. Increasing supply is not on their agenda. That is one thing you can count on.
