Are Obama And McCain Economic Illiterates?

What Obama And McCain See When They Look At Us

What Obama And McCain See When They Look At Us

…Or are they just being cynical?

Yesterday, McCain repeated, ad nauseum his moronic new mantra for energy autarky, “Drill Here, Drill Now!” all over the airwaves, from safe inside the factory belonging to a top supporter in Fairless Hills, PA. Obama’s Great Factory Adventure Of The Day was to an auto plant in Lansing, Michigan, where, while no longer mouthing complete opposition to more drilling, annonced a plan to reinstate a windfall profits tax on oil companies, to be re-distributed to “American Families”at $1000 each, and a $4 BILLION subsidy to US automakers for the purpose of developing ‘plug-in hybrid’ cars, whatever that means. Both of these proposals, if ever enacted, will have exactly the opposite effect, as Harry Browne would have been able to tell them.

Let’s take more drilling, whether offshore, on Federal lands, etc. Never mind that any truly free-market actor, individual, partnership, or company should be free to homestead and drill any unused property subject to penalties for trespass on any other property, and cleaning up the mess before abandoning it. If due to congressional subsidies (you didn’t think they would just remove restrictions and let the oil companies do the rest, did you?) a modest increase in domestic production occurs, the principal effect would be to lower demand for oil coming from abroad, depressing the price and causing a net INCREASE in imports!

Well then, how about the windfall profits tax? Well, this would only affect profits earned within the LEGAL (but not ACTUAL) jurisdiction of Congress, which would tend to depress production, where class? That’s right, the good old USA – good for you!

OK, but ‘plug-in’ hybrids are good, right? And union jobs in Michigan are important, right? Well, here I am afraid one of these abominations will have its intended REAL effect – $4 BILLION dollars funneled to US Auto companies for the development of ‘plug-in’ hybrids (why, one might ask, aren’t the manufacturers investing in this technology already, one might ask) will go directly toward retaining a surplus of union employees by said plants. Or, the automakers might just sweep the extra money onto their balance sheets, and screw the union workers, whatever.

Look, these are two smart men (Obama is manifestly smarter than McCain, makes no difference here).So there can only be one reason they are calling for such ridiculous, moronic programs that will have the exact inverse of the stated intended effect. The reason they come out with these insane public announcements is that they both sincerely believe that the American electorate, every single last one of us, are grasping idiots.

Remind me why I should vote for either one of these clowns again?

(Image from smashed frog)


1 Response to “Are Obama And McCain Economic Illiterates?”

  1. August 5, 2008 at 10:27 am

    And this surprises, anyone? Economics doesn’t enter into the debates because the typical American can’t see it as part of any sort of problem solving. Many pundits actually cried foul when Ron Paul asked McCain the sole economic question of either party’s debates. To them, good intentions are paramount regardless of “what is not seen” as Bastiat would have said. And as far as I know, there was no talk of the e-word in the Democratic debates whatsoever. The candidates don’t want to pollute their upsides with any potential downside and Boobus Americanus is hostile to any ideas that may prove iconoclastic. Try speaking critical of Lincoln’s needless killing of 620,000 Americans and you’ll see what I mean. And on the flip side, they see the oil oligarchy as an example of capitalism (it is not) which needs to be brought to heel with a good dose of good intentions emanating from the mouths of Obama and McCain.

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