Let's Make it a 3-fer!
I've written in the past about Sen. Obama's support for two policies that necessarily were a root cause of the Great Depression and the economic malaise of the 1970's. Both were the result of increased taxation and creating barriers to overseas trade. These two economic policies are centerpiece of the Obama economic plans.
Now, Senator Obama strongly favors windfall profits tax on oil, as well.
Let's review. Jimmy Carter implemented this same tax during in his administration. His "experts" predicted the tax would generate more than $130 billion in just 10 years, without impacting US oil production. The results? By 1990, the tax had generated less than $40 billion (off the mark by 70%), and US Oil production fell, as compared to total imports!
As other's have pointed out, while Senator Obama claims John McCain's White House is a repeat of the Bush admininstration, it appears that Senator Obama is intent on reliving the Carter years.
Now, Senator Obama strongly favors windfall profits tax on oil, as well.
Let's review. Jimmy Carter implemented this same tax during in his administration. His "experts" predicted the tax would generate more than $130 billion in just 10 years, without impacting US oil production. The results? By 1990, the tax had generated less than $40 billion (off the mark by 70%), and US Oil production fell, as compared to total imports!
As other's have pointed out, while Senator Obama claims John McCain's White House is a repeat of the Bush admininstration, it appears that Senator Obama is intent on reliving the Carter years.
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