Obama and McCain Spout Economic Nonsense

[dgriffin]

Obama and McCain Spout Economic Nonsense
By KARL ROVE
June 19, 2008; Page A13
Wall Street Journal

Barack Obama and John McCain are busy demonstrating that in close elections during tough economic times, candidates for president can be economically illiterate and irresponsibly populist.

In Raleigh, N.C., last week, Sen. Obama promised, "I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills."

Set aside for a minute that Jimmy Carter passed a "windfall profits tax" to devastating effect, putting American oil companies at a competitive disadvantage to foreign competitors, virtually ending domestic energy exploration, and making the U.S. more dependent on foreign sources of oil and gas.

Instead ask this: Why should we stop with oil companies? They make about 8.3 cents in gross profit per dollar of sales. Why doesn't Mr. Obama slap a windfall profits tax on sectors of the economy that have fatter margins? Electronics make 14.5 cents per dollar and computer equipment makers take in 13.7 cents per dollar, according to the Census Bureau. Microsoft's margin is 27.5 cents per dollar of sales. Call out Mr. Obama's Windfall Profits Police!

continued at:
online.wsj.com/article/SB121383441884986739.html?mod=googlenews_wsj

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You go, Karl!

[wilum47]

Just love that guy.

[dgriffin]

I do think some of his comments in the article could bear a bit more scrutiny, but I like his attitude. E.g., I'm not sure the windfall tax was all that reduced oil exploration and I know that IBM did not neglect to think about software re the personal computer.

[frankcor]

Who does Obama think really pays the tax?

[dgriffin]

Dick Cheney?

[frankcor]

LOL!

[Clipper]

Just the title of this thread should tell it all. What politician doesn't spout nonsense about not only the economy, but healthcare and other issues. It is a nothing new for a politician to spout nonsense about the economy.

That is why I am focusing on what the candidates have to say about supporting our troops and finding a solution to attaining victory in Iraq, and a peaceful solution to withdrawing our troops successfully.

All of that other shit can be addressed after they take office, and can be swung one way or the other by majority voting in the house and senate. A president has very little influence on such situations as an individual. His power is in the Veto if he disagrees with legislation, but if he agrees with it, he has very little power to make it happen, especially if he is in the minority party.

Don't let anyone fool you. When you elect a president, you elect his "policies and his agenda." Whether his policies and agenda are followed is for a major part controlled by the legislative branch, and the judicial branch. His major power is that of commander in chief of our military, and that is where we damned well better make sure we have a strong and strategy savvy military mind to defend our freedoms. Other than that, one needs to elect congressmen and senators that will support whatever "agenda" you believe in.

The important and wonderful thing about a democracy is that the president DOESN'T singlehandedly make all the decisions or run the country.