"It's the economists stupid"

[4themind]

That's right, 150 of them, from across the ideological spectrum, united in their opposition of the gas tax holiday, here's an excerpt of the letter from Jabberwonk
<http://www.jabberwonk.com/flinker.cfm?cliid=2qun5>

"An Open Statement Opposing Proposals for a Gas Tax Holiday
In recent weeks, there have been proposals in Congress and by some presidential candidates to suspend the gas tax for the summer. As economists who study issues of energy policy, taxation, public finance, and budgeting, we write to indicate our opposition to this policy. Put simply, suspending the federal tax on gasoline this summer is a bad idea and we oppose it. There are several reasons for this opposition. First, research shows that waiving the gas tax would generate major profits for oil companies rather than significantly lowering prices for consumers. Second, it would encourage people to keep buying costly imported oil and do nothing to encourage conservation. Third, a tax holiday would provide very little relief to families feeling squeezed. Fourth, the gas tax suspension would threaten to increase the already record deficit in the coming year and reduce the amount of money going into the highway trust fund that maintains our infrastructure. Signers of this letter are Democrats, Republicans and Independents. This is not a partisan issue. It is a matter of good public policy.

Henry Aaron, Brookings Insitution
Gilbert Metcalf, Tufts University
Joseph Stiglitz, Columbia University (Nobel Prize in Economics, 2001)
James Heckman, University of Chicago (Nobel Prize in Economics, 2000)
Daniel Kahneman, Princeton University (Nobel Prize in Economics, 2002)"

Possibly these people are all included in the "elite opinion" that hillary seemed to dismiss today in regards to this issue...

[HooptieWagon]

1. LOL

Proud to be the first rec

[Andy823]

2. Ah, but they must be wrong

Hillary would "never" lie to the people, or pander just for votes!:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

[AllentownJake]

4. Funny

http://www.reuters.com/article/vcCandidateFeed1/idUSN2430663920080324

She sure supports the economist a student of Milton Friedman at that to get us out of the Forclosure mess.

[DMorgan]

19. You meant to add, NOT MORE THAN TWO OR THREE TIMES in

one speech!

[flor de jasmim]

3. ah, but will the mullets care? sigh...

[hfojvt]

5. I am leery of seeing the University of Chicago there

Their fourth point has been answered by Hillary with off-setting taxes on the oil companies.

Their first two points don't make any sense either. I hardly think that a mere 18 cent drop in the price, if that even happens, will have any impact at all on demand for gasoline.

[archiemo]

7. Does anybody in their right mind think that off-setting taxes

imposed on oil companies would pass Congress anytime before an administration change? Hasn't Hillary already spent this same money in one of her other proposals?

[EmilyAnne]

9. Wow! You'll probably be up for a Noble Prize in Economics of your own just for the brilliance

of the post! Good thing you and Hillary are smart enough to see through all the bullshit. No doubt, all of these economists drank the koolaid and are willing to throw their careers and reputations down the drain by spewing such elitist nonsense. They'll do anything to serve their Obamessiah!

[hfojvt]

13. I like to think I know something about economics

http://journals.democraticunderground.com/hfojvt/81

Even if I got my MA 18 years ago and hardly used it outside of LTTEs and journal entries. Not expecting to win a Nobel prize, but there were economists who supported Bush's tax cuts, some of them in very prestigious positions. As the great Joan Robinson said "The primary purpose of studying economics is to learn enough so you won't be fooled by economists." (paraphrase)

[anigbrowl]

11. Right, and you think the oil companies won't try to pass those taxes on to consumers

I have a bridge in Minnesota I'd like to offer you for sale...

[hfojvt]

14. If that is true of all corporate taxes

then isn't that an argument against taxing corporations?

You shouldn't have picked Minnesota. Bridges fall down there. :scared: Now the mighty Mackinac! There's a bridge worth buying. But I think Michael Moore owns it.

[unblock]

6. duzy for the headline alone!

[me b zola]

8. K&R

:thumbsup:

[nichomachus]

10. Based on my current fuel consumption

a three-month holiday from the gas tax will net me $3.42.

Yeeee-HAW!

[anigbrowl]

12. Well, that means more for me, right?

Or something.

[nichomachus]

15. If . . you . . .say . . .so

:shrug:

[hfojvt]

16. Don't spend that all on one latte.

:P

Now, an independent trucker driving 15,000 miles a month would save $1,620 over three months. If their rig gets 5 MPG. What kind of MPG do semis get anyway? If they get 15 MPG then it drops to a mere $540.

[nichomachus]

17. Big rig mileage

They get about 6 mpg under typical conditions, from what I understand -- but I could be off.

I can agree that a rebate on the tax would help truckers and ultimately consumers. But that could be handled with a tax cut on diesel only, which is what they use -- or a tax credit for truckers at tax time.

I'd rather have the tax credit. Why reward people like the idiot beside me at a stop light today? A 40-something yuppie dude in a Ford F-250, 4X4, with a raised body --that showed no signs of ever being off the road and no sign of ever having been used for work of any kind. The 4X4 wasn't for snow, because we don't get snow and get only about 5 inches of rain a year, if that. So, unless he's going off road, there's no way in hell he needs a 4X4 and the fuel usage penalty that comes with that. If he can afford that truck, he can afford to pay the gas tax when he puts $120 a week into the gas tank.

[judasdisney]

18. Will Krugman continue to defend her with his "elitist" support?

[terrell9584]

20. So a bunch of tenured professors

With doctorates, a place in high society, and a guarantee that they will never be poor unless they choose to be decide to shoot their mouths off about an idea that, while it probably won't do any good, will at least make the people who haven't had all the chances they have feel a little bit better and a bit more confident.


The problem with our economy is that we have been listening to the damn economists for too long and their free trade, globalism is good, nonsense. These are the same people who regard unions as a bad thing