A few posts ago I criticized McCain on his economics; well, just to show you I’m not one-sided, Obama is getting some time on the grill.
Barack Obama mentioned that he wants to help gas prices by giving out an “emergency rebate” to consumers (in the amount of 1000 dollars.) Where will he get this money, you ask? Why, by taxing the “windfall profits” of oil companies.
Just take a moment, and let that all sink in. He plans to give money to consumers (which will increase demand) and then punish the produces (which will decrease supply); you don’t need to be a expert in economics to figure out what will happen.
I can only hope that he is not serous, that what he said was a mere crowd pleaser, “I will punish those evil oil executives and give you money!” I have to believe a person with such blatant economic ignorance could have a chance for the most powerful position in the world in this day and age.
This somewhat reminds me of one of the “New Deal” programs, which stated intention was to decrease productivity, and increase wages. One wonders if these politicians have ever talked to a real economist.
But frankly, I don’t know what’s more dangerous: compromise and politicizing (as embodied by McCain); or outright ignorance and silliness (I’m looking at you, Obama.)
In either case, I don’t think the next four-or-so years is going to be positive for the economic health of the country.