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Time for a little economic straight talk. This week's headlines informed us that Exxon/Mobil made a record profit of $14.3 billion for the 3rd quarter of 2008. Barack Obama immediately added this tidbit to his campaign stump speech to illustrate the unfairness gap between the haves and the have-nots, and also to bash John McCain's tax plan. The Barack Obama's of the world get very upset when private companies make such large profits. They see it as E-V-I-L and G-R-E-E-D-Y. In ObamaWorld, the more money you rake in, the more evil and greedy you are (federal government excepted). What Obama and friends leave out of the equation is this - Exxon/Mobil also paid $11.3 billion in taxes for the 3rd quarter. Isn't that enough ? Isn't that too much ? That money funds those endless government programs Obama loves so much (Obama has proposed increasing spending on no less than 175 government initiatives. I wonder when he finds time to sleep). You see, in order for Obama to redistribute wealth, there must be wealth to begin with, and it's our private sector that creates it. With so many American businesses struggling and/or failing right now, why is Obama holding up for derision the one company that is doing the best ? The reason is, Democrats play class warfare games to get elected, but Obama should realize that killing the golden goose doesn't make for very smart economic policy. It's not like we'd be better off if all our companies were losing tons of money, as the automakers, banks, airlines, and many others are doing. Count me as one who wishes all our businesses were as successful as Exxon/Mobil. That would take care of 98% of America's problems right there. In order to help our businesses be successful, which in turn enables our citizens to become employed, successful, and prosperous themselves, it just might be a good idea to HELP the business sector rather than add ever more hurdles for it to overcome. That's why John McCain's tax/economic policy, which lowers the business tax rate, keeps the capital gains tax rate low to encourage investment, and enables American businesses to be more competitive, is a REAL GOOD idea, while Obama's tax/economic policy, which penalizes business success and adds new business burdens, is a REAL BAD idea, unless we as a nation have some sort of perverse death wish.
While I'm on the subject, let's explode another Obama falsehood, one that he's repeated about 100,000 times by now. McCain's tax/economic policy is NOT the same as George W. Bush's, not at all. Bush cut the individual income tax rates for 100% of us, like Obama is proposing for 95% of us. McCain is NOT proposing individual income tax rate cuts. What McCain is proposing is to cut the business tax rate from 35% (second highest in the entire world) to 25%. I only wish McCain was cutting that tax rate even lower to attract more new businesses and more new jobs to this country. The object of taxation isn't to centralize wealth in the hands of the federal government, it's to help the people. Nothing helps people more than jobs. No government entitlement even runs a close second to employment for promoting the general welfare.
All this brings me to the news item of the day. In Janurary 2008, Barack Obama described his energy policy as follows:
Let me sort of describe my overall policy. What I've said is that we would put a cap and trade system in place that is as aggressive, if not more aggressive, than anybody else's out there. I was the first to call for a 100% auction on the cap and trade system, which means that every unit of carbon or greenhouse gases emitted would be charged to the polluter. That will create a market in which whatever technologies are out there that are being presented, whatever power plants that are being built, that they would have to meet the rigors of that market and the ratcheted down caps that are being placed, imposed every year. So if somebody wants to build a coal-powered plant, they can; it's just that it will bankrupt them because they're going to be charged a huge sum for all that greenhouse gas that's being emitted. That will also generate billions of dollars that we can invest in solar, wind, biodiesel and other alternative energy approaches. The only thing I've said with respect to coal, I haven't been some coal booster. What I have said is that for us to take coal off the table as a ideological matter as opposed to saying if technology allows us to use coal in a clean way, we should pursue it.
Obama plans to bankrupt the coal industry, by design. The coal industry supplies 70% of our electricity. Funny, the Messiah didn't mention his coal bankrupting plans when he was campaigning in coal mining states like Ohio, Pennsylvania, or West Virginia. He pretended to be a friend of coal then.
During the same interview, Obama went on to say, "under my plan, electricity rates will necessarily skyrocket".
And you folks thought Obama was a friend to the middle class. You won't think so when you get your utility bills during an Obama administration. Obama's plans for coal come from the same left wing environmental mindset that have restricted our domestic oil supply and stopped nuclear power, leaving us dependent on countries like Saudi Arabia. If you are naive enough to believe Obama when he says he isn't beholden to special interests, you better think again. The environmental lobby is one of those special interests. Barack Obama will hurt every person in this country to appease them, by his own admission.
Most amazing of all is, Obama said he planned to bankrupt the coal industry and send electricity prices soaring BACK IN JANUARY, yet we haven't heard a word about it until now, on the verge of the election. Millions of people have already voted, and I bet next to none of them knew about this.
Instead of getting substantive information from the media, information that could help us make an informed decision about who should be the next president, we get "hope and change", and we get questions like the ones that Leisa Zigman, a reporter for KSDK-TV in St. Louis, asked Obama during a recent interview:
1.) “Your presidential campaign may go down as the most organized in history. Yet the polls remain tight in Missouri. In the last seven days what else can you say to sway undecided and McCain-leaning Missouri voters?”
2.) “Today, Bob Clark, founder of Clayco Construction, sent a letter to his employees. In part it read, ‘Sometimes, but rarely, a person appears at the right time and the right place to transform ordinary people into thinkers and doers who can accomplish more than they ever thought they could. That truly is the definition of inspiration. Barack Obama has this quality. I have witnessed it personally many times.’ In 2004, Mr. Clark raised thousands for the Bush campaign, but for the past two years, he’s raised hundreds of thousands of dollars for your campaign. Please respond.”
3.) “Who has helped your campaign more: Missouri U.S. Sen. Claire McCaskill or Oprah?”
4.) “What was it like when you were in St. Louis in front of 100,000 people? What were you thinking as you looked out from the Arch to the Old Court House and beyond?”
5.) “Many people are worried about your safety. What are your thoughts in light of the alleged skinhead plot?”
One only marvels at how the Messiah maintained his composure under such withering journalistic scrutiny.
Wake up, America. You only have one more day.