Obama Pushes Oil Tax Increase

by Ryan on June 2, 2010

in Election 2010,Natural Disasters,Politics

On Day 44 of the worst oil disaster in our nation’s history, our President has decided to make a push for rolling back tax breaks for oil companies operating in America.  Remember, the White House Chief of Staff is Rahm Emanuel whose major contribution to American politics is the infamous line he uttered in November 2008:

“You never want a serious crisis go to waste.  And what I mean by that, it’s an opportunity to do things that you think you could not do before.”

Creepy.  Accordingly, Rahm’s boss did not hold back the opportunity to use this lingering oil spill in the Gulf to push his cap-and-tax carbon crap agenda.  Corporations do not pay taxes in the sense that any increase in taxes they receive get immediately passed onto the consumer. Obama either never took economics in college or doesn’t care about basic economic principles.  He said today:

“The only way the transition to clean energy will succeed is if the private sector is fully invested in this future — if capital comes off the sidelines and the ingenuity of our entrepreneurs is unleashed.  And the only way to do that is by finally putting a price on carbon pollution.”

Don’t worry, I’ve been holding onto a patent that runs cars on Good Will and my special blend of pixie dust!  Without the existing technology, these punitive measures on oil companies with diminish their capability to invest in R&D, and our prospect for a magic substance that runs cars better than gasoline will remain more elusive.

Republican John Boehner criticized the President’s speech for what it was:  hyper-partisan and beneath the dignity of the office.  Once again, Dear Leader’s way or the highway seems to be the name of the game.  Blame, cajole, and intimidate.  However, while taking advantage of this crisis might play well to some today, unlike the collapse of our lending institutions (which led to Obama’s incessant attack on capitalism) this current crisis is still occurring in real-time and could take many different turns before it’s all said and done.

Leave a Comment

You can use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Previous post:

Next post: