My latest political rant...
On my way to Portland, the radio played a live press conference by President Bush. And once again, I was alarmed by what he had to say.
The tax cuts, he originally said was to fuel a recovery of the economy, will make it so people can afford higher fuel costs. He was asked point blank, "What are you going to do about the rising fuel costs, while oil companies are enjoying record proffits?" He ignored the price gouging aspect altogether, and just said the tax cuts would make it so people could afford gas.
Gas is supposed to be more than $3 a gallon this summer. That's more than a 50% increase in cost. Will the tax cut cover that, here and now, while the prices are rising? No.
What will happen, and we are already seeing
inflation occurring because of the higher fuel costs. Reducing taxes, so people have more money to spend on this will only increase the inflation. This is very basic economics.
Also, to address the rolling black-outs we have, his answer is we need more oil refineries. I have a couple issues with that. If we are low on oil, what will more refineries give us. Also, why are we shipping almost all of the oil from Alaska to Japan, when we need it?
He also stated we would have hybrid and alternitive fuel vehicles soon, but he cut funding on researching such things by 40%.
We are already in an energy crisis, that will profit the oil industry greatly, while it destroy's the U.S.'s economy, and (as with the blackouts) threaten peoples health and safety.
Maybe I'm missing something, but none of this looks like sound policy.