Obama is No Economist

  This article makes me want to puke. 

Never, never, never should a company be made to pay “windfall profit tax”.  That is attempting to enforce some morality of equality (I call it theft) that will kill a growth economy.  Obama is quoted in the article as saying, “we can either choose a new direction for our economy or we can keep doing what we’ve been doing”.  Sir, if those are the two choices and you want to steal from the rich to give to the poor, I vote for keep doing what we’ve been doing.  Your way leads to depression and destruction.  It sounds and feels good (especially a $1,000 check from Uncle Barack), but it is a pathway to terrible poverty for all.

The truth is something no one wants to talk about, but here it is, if some don’t have a lot, then everyone has nothing.  A dynamic economy requires it and Obama doesn’t understand it.

EDITED TO ADD: Please note that the original article that I linked to has been changed by yahoo to a different summary of the candidate’s townhall meeting.  The original article specifically stated a “windfall profit tax” on oil companies to be paid to consumers to offset high gas prices.  Also, the quote above was inthe original article.  My apologies for not grabbing more of the original before someone cleaned it up.

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6 Comments

Filed under by DB, Libertarian, Politics, Rant

6 responses to “Obama is No Economist

  1. Son of Bill Brasky

    So you oppose the heavy tax on tobacco companies? It’s not that far off..

    The windfall profit tax is good idea but not for this. The windfall profit tax should be used to develop hydrogen energy. To issue it to tax payers to help them with energy costs is only putting it back into the hands of the oil companies. However a profit tax

    If a $1000 from Obama is a bad idea I suppose borrowing billions from China to pay out $1200 to families from Bush I guess is a great idea?

  2. Firstly, libertarian is spoken here, so yes these boutique cutesy taxes intended to promote some social change are bad. Social change is best promoted from an exchange of ideas from individual to individual not by government mandate.

    A “windfall profit tax” is synonymous with theft, plain and simple. It is saying that a particular company makes “too much” money. Who decides who makes “too much” and for what purposes the money goes is a road to corruption.

    The “economic stimulus” was a bad idea too. See an earlier post* of mine describing our budgetary woes and why both major parties are running us into ruin.

    Thanks for the comment.

    * https://livelaughlove95.wordpress.com/2008/04/15/fun-facts-on-tax-day-or-why-i-am-voting-libertarian-this-year/

  3. Nonsense. It is far from theft. If companies like Exxon and Walmart, for instance, claim that they are abiding by all applicable laws when they lobby for special consideration, then a President who decides to levy a tax for those considerations is also acting lawfully.

  4. It is not a matter of what is lawful, it is what is right. Windfall…as if it were unexpected and dumb luck. What decides “excessive” or “immoral” regarding a company’s profits? Is it a certain dollar amount or percentage that is “too much”?

    This candidate wants to buy votes by stealing money from a company doing what it is supposed to do, make money for the shareholders. Exxon does not exist to share money for the common good or to help senior citizens pay heating bills, as Obama said in an NPR interview today.

    The implication is that Exxon made too much money and they need to give some back for the common good. That is disastrous economic policy and I will call it theft.

    NPR interview with Obama
    http://www.npr.org/templates/story/story.php?storyId=93194923

  5. Exxon does not exist to share money for the common good

    And a country’s natural resources do not exist to enrich a small percentage of people who head large corporations. Exxon and other companies would not be enjoying those hugely inflated profits were it not for their ability to influence lawmakers.

    Abuse in a free market swings both ways DB. The Govt can and does tend to over-regulate, but the never ending quest for profit above all has seen many Corporations get totally out of control, and the nation suffers. Surely you remember Enron.

  6. That is where we have to just disagree. I believe there is private property with the owner reaping the benefit of that land. You see all resources as firstly belonging to the people.

    Furthermore, Exxon does not exist to benefit only the corporate leadership. There are millions of stockholders, the people who choose to invest in Exxon.

    Exxon is not out of control, they are being profitable. There is a big difference. They are being smeared as dishonorable for their virtue of doing well what they exist to do. I don’t see the corporate lobby corruption you are talking about in this case.

    For what it’s worth, I don’t use Exxon products nor would I invest in Exxon. They completely botched the Exxon Valdez incident and I will not give them my business.

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