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Morning Bell: The New York Times Wants You to Pay Even More at the Pump
Posted By Conn Carroll On May 8, 2008 @ 8:55 am In Ongoing Priorities | Comments Disabled
Fast becoming an official communications appendage of the Barack Obama campaign, the New York Times editorializes  today on the “petty pandering” of Hillary Clinton’s and John McCain’s call for a suspension of the federal gas tax over the summer. Noting that the policy would not deliver lower prices for consumers, the Times asserts that “their demagoguery is growing into a real problem.” The New York Times is at least half right; demagoguery is a real problem that is threatening to significantly worsen our nation’s energy policy. But it is the Obama/Clinton oil profit windfall tax that would be damaging to most Americans.
Political analysts  and the Obama campaign  both seem to believe that Obama’s opposition to the gas tax holiday helped him change the subject from his relationship with Rev. Jeremiah Wright. But while Obama did fight the gas tax holiday idea, he was also running ads in North Carolina  claiming that his proposed tax on “excess profits” of Exxon Mobil would help lower gas prices for Americans. Apparently, Obama has forgotten the lesson of Jimmy Carter’s 1980 windfall profits tax . A 1990 Congressional Research Service analysis  of the program found that it reduced domestic oil production between 3% and 6% and increased oil imports between 8% and 16%. The tax hurt consumers more through higher energy prices than it helped them through higher tax revenues, which turned out to be far lower than originally predicted because the tax discouraged production.
But hurting American consumers through higher prices and decreased consumption seems to be exactly what the New York Times wants. The paper concludes: “Americans must find ways to curb their use of fossil fuels. That will require higher, not lower, prices for gas — even during a presidential campaign.” Is this now the stated policy of liberals? Do they Democratic presidential candidates really want to hurt Americans at the pump as much as possible? We know Venezuelan strongman Hugo Chavez does. That is why he also recently passed a windfall oil profits tax  of his own. Do Democrats and the New York Times really want to start importing policy ideas from the socialist leader of Venezuela?
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URL to article: http://blog.heritage.org/2008/05/08/morning-bell-the-new-york-times-wants-you-to-pay-even-more-at-the-pump/
URLs in this post:
 editorializes: http://www.nytimes.com/2008/05/08/opinion/08thu2.html?partner=rssnyt&emc=rss
 Political analysts: http://blog.washingtonpost.com/thefix/2008/05/_brian_howey_in_2000.html?hpid=topnews
 Obama campaign: http://seattletimes.nwsource.com/html/nationworld/2004399841_obama08.html
 running ads in North Carolina: http://online.wsj.com/article/SB120977019142563957.html?mod=opinion_main_review_and_outlooks
 Jimmy Carter’s 1980 windfall profits tax: http://www.heritage.org/Research/Taxes/IB57.cfm
 analysis: http://www.heritage.org/Research/EnergyandEnvironment/wm1004.cfm
 windfall oil profits tax: http://www.nytimes.com/2008/04/16/business/worldbusiness/16vennoil.html?ref=todayspaper
 windfall oil profits tax: http://www.nytimes.com/2008/05/08/washington/08fuel.html?ref=todayspaper
 public union salaries and benefits that eat up 74% of their budget: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/07/BACH10HUK6.DTL
 earmark disease: http://www.washingtonpost.com/wp-dyn/content/article/2008/05/07/AR2008050703364.html
 vowed yesterday to veto: http://www.washingtonpost.com/wp-dyn/content/article/2008/05/07/AR2008050701315.html
 block the emergency war spending bill: http://thehill.com/leading-the-news/blue-dogs-vow-to-bite-on-iraq-spending-bill-2008-05-07.html
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