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August 4, 2008

Notes from Ferdy - It's All About the Carter Years

Barack Obama's new TV ad is all about pockets. He talks about Bush and McCain being "in the pocket of Big Oil", then talks about oil companies filling their pockets every time you fill up your tank. Obama plans to bring back the old WIndfall Profits Tax and use the revenue to give rebates to gas consumers. James Taranto of the Wall Street Journal rather unkindly points out that the oil companies will simply pass on the cost of the tax to consumers in the form of higher prices, a process he calls "robbing Peter to pay Peter".

The Windfall Profits Tax was the sort of thing practiced by the Carter Administration. Obama's problem is that during most of the Carter years, he was going to high school in Indonesia. McCain, on the other hand, was a military liaison to the Senate in the Carter years, and had a front-row seat to the whole awful mess.

This is an important point. A President who doesn't remember Carter's mistakes is likely to repeat them.

That would be bad.

Respectfully submitted,

Ferdinand T. Cat

# At Mon 9:02 AM | Permalink | Trackback URI | Comments (0) | More Notes from Ferdy | Tags: Barack Obama campaign 2008 conservative economics energy Jimmy Carter John McCain oil windfall profits tax

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