With gasoline prices approaching $4 a gallon and even rising faster than Obama's approval numbers were falling someone teleprompted our President to tap into the nations Oil Reserves by calling his political woes a crisis. So he rides in on his White Horse and releases the equivalence of two days of American oil usage, timing it with the falling of prices, and declares another victory by the "one who cares".
And then, and then, I repeat, and then, our puppet hero decides to mount the White Horse again and save the negotiations between Dems and Republicans to reduce the deficit and increase the debt ceiling. Our leader takes a handoff from Biden and has this great idea to reduce the big old fat Bush deficit by doing away with big oil subsidies for big oil companies that the big old fat and rich Republicans love. The Prez wants to trade these off against Republican spending cuts in what he calls a 'balanced plan'. If he can pull this off he can raise the nation's debt ceiling and continue borrowing and spending as part of his 2012 election campaign with a minuscule spending cut. If he is really successful a big part of the spending cut can come from defense since many Republicans are furious over Obama's surrender in Afghanistan and boondoggle in Libya.
Like anything else Obama does, the plan has massive problems only to be surpassed by Obama's deceit.
First the big oil subsidies are not subsidies at all nor or they for big oil alone. If dropped the tax increases would be an elimination of a tax credit which was enacted in 2004 and applies to all domestic manufacturers, not just oil and gas companies. It was designed to increase competitiveness in the face of the U.S.’s 35 percent corporate tax rate, among the highest in the developed world. Democrats have been trying to eliminate these tax credits for the five biggest oil producers. These companies just happened to earn a combined $36 billion in the first quarter of this year. Of course these companies will only raise their prices if Obama is successful which will result in a 'tax increase' for consumers as our price at the pump increases. This could all happen within a two week period of the Dummy in Chief declaring the price of gasoline a national emergency. Again down is up and night is day in Obamaworld. Why would he release precious oil from the national emergency reserve to reduce prices only to turn and increase taxes on gasoline resulting in price increases? The answer, he thinks we are that stupid.
The obvious desired end result by the President is to drive up fossil fuel prices to help Algore, GE, and the Green Scam Machine while doing everything possible to avoid spending cuts to Obama's Moochers. And of course as a by product, it will be another Intelligence Test for the Republicans. Remember how they failed miserably in the last test which was about 'shutting down the government'.
And of course the numbers don't lie. That savings from this tax increase on gasoline buyers, if there is savings at all, will potentially gain $21 billion over 10 years in revenue which is a drop in the bucket compared to the Trillion Dollar deficits they have run in Obama's first three years. All of this huffing and puffing is just so Washington can continue to kick the Medicaid, Medicare, Social Security, and Obamacare spending cans down the road for our children to handle in their new world of Socialism.
The sad truth is the Petroleum Industry could really help our nation with the deficit. Anyone with any business knowledge knows the solution is more oil and gas production which would result in more revenue for the federal government and more jobs for the U.S. economy. What would Obama have to do to make this happen? HE NEEDS TO GET OUT OF THE WAY. THIS SINGLE ACT ALONE WOULD SOLVE MOST OF THIS COUNTRY'S PROBLEMS.
Think about it,
P.S. What was the national emergency that would send at great expense the First Lady, family, and entourage to South Africa for what appeared to be a safari vacation for the girls. She did have time to give a speech in which she gave credit to South Africa for fighting racial discrimination and leading the way for her husband's election to the office of President of the United States. Not mentioned by the first lady was South Africa's record as a world leader in murder, assault, and rape, not to mention, unemployment rates in excess of 25%. What a great nation to be following!