It's hard to imagine, but president Obama is about to propose a new plan to slow economic growth. Obama wants the federal government to impose a ten dollar "fee" per barrel of oil that is either imported into or produced in the USA. Such a fee would raise about seventy billion dollars per year in revenue. Obama wants that money to then be put into paying for mass transit, trains and self driving cars with a few other items thrown in for good measure.
Now Obama's proposed tax won't pass Congress, but just the idea of it shows us how totally illiterate Obama is when it comes to economics. Sucking seventy billion dollars out of the pockets of most Americans is a sure fire way to reduce consumer spending. It will also force the price of all sorts of goods to be increased as transportation costs rise. Auto sales are also likely to take a hit. And all this economic damage will be inflicted just so that Obama can fund transit schemes that can't support themselves?
It's just overwhelming how totally idiotic this idea really is.
Now Obama's proposed tax won't pass Congress, but just the idea of it shows us how totally illiterate Obama is when it comes to economics. Sucking seventy billion dollars out of the pockets of most Americans is a sure fire way to reduce consumer spending. It will also force the price of all sorts of goods to be increased as transportation costs rise. Auto sales are also likely to take a hit. And all this economic damage will be inflicted just so that Obama can fund transit schemes that can't support themselves?
It's just overwhelming how totally idiotic this idea really is.
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