Obama's 'emergency' economic plan

Obama's 'emergency' economic plan

www.politico.com

Sen. Barack Obama (D-Ill.) on Friday announced an “Emergency Economic Plan” that would give families a stimulus check of $1,000 each, funded in part by what his presidential campaign calls “windfall profits from Big Oil.”

(visit the link for the full news article)

This is unbelievable!! And NOT in a good way.

His plan should be called Obama's extortion and bribery plan.
He wants to extort money from 'big oil' and bribe the people with a $1000 to get their vote.

Basically, he want to take $1000 for every person from the oil companies which are privately owned and have done nothing illegal and give it to the 'people'.

This is absurd and further shows Obama's communist, marxist and leftist way of thinking. He is not even trying to hide it any longer. This is ludicrous and everyone should be outraged.

I'm sure some of you here will love the idea because you hate the oil companies but it's not right.

What happens if the price of oil drops to 1980's levels and 'big oil' does not make a profit? Will you give the $1000 back?

www.politico.com
(visit the link for the full news article)

[edit on 1-8-2008 by WhatTheory]

If any of these guys really wanted to do something, the following plan is ideal:

- This year. Simply take 25% of the actual taxes people pay to the IRS, and add it to their refund.

Easy.

- Next Year, either push for a 10% flat income tax, no exceptions, no deductions

or

Simply reduce taxable income by 50% (otherwise known as only pay half as much as you normally would).

You can't jump start a consumption economy with tiny drops in the bucket. I would also recommend constricting the money supply somewhat, or at least stop printing more.



As to Obama's plan, I fail to see these "windfall profits". I'd be looking more toward the world bank and the IMF more than anything else.

[edit on 1-8-2008 by KrazyJethro]

Wow! This would really help out come this Fall. I hope he's able to get it passed. What could possibly be more American than to share the fruits of your labor with those who are less fortunate!

Hope, Change, Unity

reply to post by WhatTheory


This just shows the pure arrogance of this man. If he was only half as wonderful as he thinks he is, he'd be the second coming of Christ!

I'm curious if this ploy has ever taken place before in our history. Is there an example of the Government ordering some private industry to jump-start the economy?

I really wish this guy and his devout followers would wake the hell up. We're not playing monopoly here!!!

Becker

Originally posted by LLoyd45
Wow! This would really help out come this Fall. I hope he's able to get it passed. What could possibly be more American than to share the fruits of your labor with those who are less fortunate!

Hope, Change, Unity

While I believe you are saying this in a sarcastic manner, unfortunately some here on ATS will agree totally with what you just said.

For those that don't get, why should I or any private business be ordered by the government to give up my hard earned money. People can give to charity if they want to help the less fortunate.

CHANGE? Is this the change Lord Obama is talking about?

Windfall profits tax on oil companies? This is a Jimmy Carter idea and it failed miserably 30 years ago. Where is the change in that?

There is no business in the world that is not going to pass on the cost of doing business to their customers.



[edit on 1-8-2008 by RRconservative]

reply to post by RRconservative


I agree with you on this one RR!

The Windfall Profit tax that Jimmy Carter put on the US oil companies only helped the US to become even more dependent on cheaper foreign oil!

Democrats' Windfall Tax — On You

As any student who's taken Econ 101 at the local junior college can tell you, higher taxes don't encourage production; they discourage it. But Senate Democrats apparently played hooky the day taxes were discussed. They should at least have read the report from their own nonpartisan Congressional Research Service in 2006.

It shows that from 1980 to 1986, the last time the U.S. had a windfall profits tax on oil companies, the results were disappointing. As the chart shows, oil companies were hit hard by the tax. And in line with basic economic theory, they produced less oil, not more. (got to source for chart)

"Over the entire 1980-1986 period," the study said, "the (windfall profits tax) reduced domestic oil production from between 320 million barrels . . . and 1,268 million barrels."

The study also concluded: "The effect of reducing domestic oil production was to increase the level of imported oil."

At the time, the U.S. imported about 30% of its oil; today, we import about 60%. In part, that jump in oil dependency was due to the huge tax advantage we gave foreign oil companies in the 1980s — and to the continuing advantage we give them today by refusing to let our oil companies produce more crude from our own reserves.

Windfall Profit Tax on oil companies will only make matters worse.

The oil companies will not invest in trying to drill for new oil, and oil being imported, which wouldn't have this tax on it, will be cheaper, hurting US oil companies even more and causing the US to become even MORE dependent on foreign oil!

Windfall Profit Tax on US oil companies = US becoming more dependent on foreign oil.

Windfall Profit Tax on US oil companies = BAD idea

How about that RR, we agree!

[edit on 8/2/2008 by Keyhole]

reply to post by WhatTheory

He wants to extort money from 'big oil' and bribe the people with a $1000 to get their vote.

COOL!!!!
Kinda like reverse lobbying! I will vote for him just because of this! Thank you for pointing this out Whattheory.....

reply to post by WhatTheory


I'm not agreeing with this windfall tax plan. I think there needs to be pressure put on oil companies but this is not the way to do it. Pushing for more investment in alternative energy and putting pressure on auto companies to diversify the fuels that there autos use will give the American people a choice on the type of fuel/energy they use. More choices will result in lower prices due to competition.

How do you feel about the bailing out of private companies in the US over the past 7 years? This is not a free market mechanism yet it has happened quite often and has been endorsed by some of the same people that state that the free market will work itself out.

[edit on 13-8-2008 by iamcamouflage]

What's really sad is that over 1/2 of America will actually believe it's a good idea..........