The big O has decided the solution to high gas prices is …. higher taxes on oil companies!
It worked so well for Jimmy Carter. “From Wikapedia “Crude Oil Windfall Profit Tax Act (P.L. 96-223) as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. The Act was intended to recoup the revenue earned by oil producers as a result of the sharp increase in oil prices”. When Reagan convinced Congress to repeal that tax – one of their stated reasons was “Congress was also concerned that the tax had increased the nation’s dependence on imported oil. ”
How will O’s tax increase on US oil producers be any different? The outcome is not only predictable but inevitable!
Only one more reason O has to become the Carter of this century.
I have never had an ounce of respect for Algore. I have long since determined that he – more so than most Democrats – cannot seem to determine what the truth is.
Gore … compared action on global warming to the Civil Rights movement
So when it now comes out that he thinks Global Warming is like the Civil Rights movement – of course I have to believe he has said this to deceive.
I am sure most of the young skulls full of mush he was addressing are aware of how Algore Sr. “supported” the Civil Rights Movement when he was a senator back in the 60′s. Algore’s daddy not only voted against the Civil Rights Act or 1964 – he helped lead a filibuster against it.
So, will he actively try to block action on the Global Warming movement?
Chump change – sure, they only mint about 4 billion a year, $40 million. Not much in the grand scheme of things – but it is money the government should not be spending.
Estimates are that there are 400 billion “in circulation” but the fact is most of the pennies in existence do not circulate.
The sit, like the ones on my dresser in jars and piles doing nothing. The economy works best when money actually circulates. If the mint stopped making them a lot would be dumped back into circulation. Stores would not likely see any penny shortages but if that somehow happened it would be a wonderful opportunity for banks to ask people to deposit their penny jars. That would return not just pennies but nickels dimes and quarters and even some of the idle dollar coins to circulation. I would bet that the simple announcement of the mint stopping the penny would add cause a jump of at least $100 million in the US money circulation.
Wouldn’t it cause inflation because of the stores tending to make all prices ind in 5 or 0? It would be a flutter, most prices already do end in 0 or 5. And there would be a reduction in the federal budget to make them (the mint “sells” them to the treasury at face value I understand and there certainly is scant “profit” being generated by the mint). So there would be a slight lessening of taxpayer spending which would in itself be a lowering effect on inflation.
What I understand from what Econ I’ve studied – a dollar in circulation in the private side of the economy generates more dollars as it circulates – that is how the money supply really grows – not when the printing press or the mint makes new coins or paper. Money is created by businesses adding value.
If I buy $10 worth of wood and make a kids rocking chair and sell it for $40 – I have created $30. That $30 did not exist before I made the chair and it does after. The same happens when any good or service is created. The government does not make that money I do. Now the government siphons off some of that in taxes – some 30 to 50% or more but adding $100 million to the private sector economy would create some increment above that $100 million in new money in the economy.
Yes the creation of money by the private sector can cause inflation but not any more so than the government does by their non productive spending, taxing and borrowing.
Besides – the current penny with the new back design that looks like a clip art image is ugly!