More Than 200 Economists Denounce Clinton, McCain Gas-Tax Plans

[Hope And Change]

More Than 200 Economists Denounce Clinton, McCain Gas-Tax Plans


By Brian Faler

May 5 (Bloomberg) -- More than 200 economists, including four Nobel prize winners, signed a petition rejecting proposals by presidential candidates Hillary Clinton and John McCain to offer a gas-tax holiday.

Columbia University economist Joseph Stiglitz, former Congressional Budget Office Director Alice Rivlin and 2007 Nobel winner Roger Myerson are among those who signed the letter calling proposals to temporarily lift the tax a bad idea. Another is Richard Schmalensee of the Massachusetts Institute of Technology, who was member of President George H.W. Bush's Council of Economic Advisers.

The moratorium would mostly benefit oil companies while increasing the federal budget deficit and reducing funding for the government highway maintenance trust fund, the economists said.

``Suspending the federal tax on gasoline this summer is a bad idea, and we oppose it,'' the petition says. Economist Henry Aaron of the Brookings Institution is among those circulating the letter and said most signers are economists. Aaron said that while he supports Obama, the list includes Republicans and Clinton supporters.

The gas-tax suspension has become a flashpoint in the race for the Democrat presidential nomination between New York Senator Clinton and Illinois Senator Barack Obama. Clinton and Republican McCain tout the proposal as an example of their concern for struggling middle-class families. Obama calls the idea a ``gimmick,'' rejecting it on similar grounds as the economists.

more...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aTzCmqCNyLho&refer=home

[sfam]

1. More frickin elitists...

Where's ma chewin tabacca, dammit! And tell Unca Fester to get his damn engine block outta my yard!

[jakem]

2. dang them snobs an' der brainses.

[Cant trust em]

3. another economist who denounced this plan is not included in this article.

His name is Paul Krugman.

[olkaz]

4. Take yer books and shove 'em! I want my $0.30 a day!

Frickin' elitist snobs!

[NJmaverick]

5. There all elitists that know what they are talking about

She is using the George Bush approach of ignoring the experts and the educated. She prefers a direction based on emotion, rather than logic or reason.

[noel711]

6. Don't confuse us with the details....

just give me the cash. (sarcasm)

[catgirl]

7. Obama should go further than just calling it a gimmick

It shows that she isn't qualified to be the next president.

[Coexist]

8. stinkin' latte sippers think they're smarter than us.

[Ichingcarpenter]

9. four Nobel prize winners

are definitely elite for good reasons

Joe 6 pack is not happy with these elitist intyelllyoualls

[zulchzulu]

10. Heck, what do economists know about the economy anyway...

Look! It's an elitist!

[Selatius]

11. She is a politician running for president. She probably felt it would give her an edge over Obama.

I'm not excusing the stupidity of her actions, but she's looking for anything to undermine Obama or beat him at this point.

[corkhead]

12. Hopefully Hillary will drag McCain down with her.

Is she taking one for the team?

[Hope And Change]

13. Kick!

[FrenchieCat]

14. Hillary Campaign throws 200 Economists under the Red Pickup!

No room left under the Bus!

[DrFunkenstein]

15. These Economists Are Dead to Me!

I don't need their "brains" and "intelligence" and "facts" to get in the way of the truth.

[TheDudeAbides]

16. Are both Obama and Clinton wrong about gas tax holiday?

I'm sure you guys have seen this:

"Obama took a different view on the issue when he was an Illinois legislator, voting at least three times in favor of temporarily lifting the state's 5 percent sales tax on gasoline.

The tax holiday was finally approved during a special session in June of 2000, when Illinois motorists were furious that gas prices had just topped $2 a gallon in Chicago.

During one debate, he joked that he wanted signs on gas pumps in his district to say, “Senator Obama reduced your gasoline prices.”


http://www.cbsnews.com/stories/2008/04/29/politics/main4056059.shtml


So, are they both wrong? Or was Obama's gas tax holiday different in some way?

I've read that Clinton's gas tax holiday will be funded by oil industry profits.
I'm assuming that Obama's gas tax holiday in Illinois was funded by the government?

What am I missing?

[TheDudeAbides]

17. Where did everybody go? Did somebody fart? I though we were piling on?

[Hope And Change]

18. If you watch this video you can see Obama explain why he`s against...

the gas tax holiday:

http://www.youtube.com/watch?v=ECq3haeiMtw

[TheDudeAbides]

19. oh...sorry...this is the part where we bury the thread; ok..i'll be quiet now

[Hope And Change]

20. I replied to your post above.

[Hope And Change]

21. Kick!