You've Got To Be Pretty Ignorant

You have to be pretty ignorant to buy the 'no drill' policy put out by the Democrat Socialists in Congress. But since most people now days are government school educated, I guess it's easier than it used to be. If price is too high, supply is too low. Something even a Democrat Socialists in Congress should be able to understand, but just can't seem to get the hang of. So they trot out Jimmuh 'the Dumb' Carter's windfall profits tax, which was so spectacularly successful the first time around, it nearly killed the US economy. But then again, when you listen to the dumb ones spill the beans, what Rep Maxine Waters did last week, you begin to realize the dumb Democrat Socialist farts in Congress are probably going to give it another try.

IBD try their hand at education of the ignorant ...

Leave it to the Democratic majority in Congress to fight rising gas prices and growing dependence on foreign oil by imposing a windfall-profits tax on U.S. petroleum companies, while refusing to let them tap America's vast oil and gas reserves in the Alaskan wilderness and offshore.

Congressional demagogues have always used "Big Oil" as a handy pejorative, but criticizing the oil industry now seems to be a national pastime on Capitol Hill, with both conservative and liberal Democrats piling on.

Part of the new wave of criticism, of course, stems from the fact that oil lagged behind the CPI for decades — serving as an important brake on runaway inflation. Now oil — along with food — is a prime cause of inflation.

Nevertheless, those politicians and pundits who now loudly denounce "Big Oil" for the surge in energy prices should seriously consider the consequences of imposing punitive windfall-profits taxes on an industry that is so critically important to the U.S. economy.

The most likely outcome is that a windfall-profits tax would produce the same result as a similar tax did in the 1980s — reducing investment in domestic oil production.

The windfall-profits tax that was adopted during President Jimmy Carter's administration drained tens of billions of dollars from the industry, money that could have been spent on energy exploration and production in the United States, and ended up increasing our reliance on foreign oil.

Further, that windfall-profits tax failed to raise a fraction of the revenue forecasted.

In other words, the windfall-profits tax of the 1980s failed miserably, and it would fail again this time around.

Price too high, supply is too low. Simple economics. If you levee a punitive tax on it, you get less of it. Doesn't matter what 'it' is.

The new crop of old time Democrat Socialists, the leftover 60s hippie crowd, are going to try and break Jimmuh 'the dumb' Carter's record. Can they do it? Sure with Commie-Obama as their leader, he is dumber than Carter if that's even possible, as it has now been found, I would guess it will be really easy. Commie-Obama is so dumb that the Democrat Socialist should be able to easily roll him over.

Remember, Jimmuh Carter was a nuclear engineer, so when Jimmuh told you that, you were supposed to believe he knew something super secret that you didn't, so when Jimmuh said the world would be out of oil by the year 2000. Little did you know at the time, how dumb Carter really was, well some of us did. Jimmuh was really good at pounding nails, an occupation he should stick with.