Beating up on oil companies has always been low-hanging fruit for politicians when gasoline prices are high. And as the country is headed into the summer driving season, gas prices are certain to go higher, giving Democrats the opportunity to play that card.
Charles Krauthammer has it exactly right:
“The Democrats are claiming they are going to use the money to reduce the deficit. The deficit for this year is $1.5 trillion. This tax [would] bring in $2 billion, so you’d go from $1.5 trillion in deficit to $1.498 trillion, or to put it another way, which isn’t even a rounding error. To put it another way, you could collect this tax annually for a hundred years and it wouldn’t cover two months of the current deficit. A hundred years, two months. What Democrats want to say – they’re slogan in the election is, ‘Republicans want to close the deficit by stealing the money from seniors or Medicare instead of taxing oil companies. It’s a farce from beginning to end.”
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