More Than 200 (!) Economists Denounce McCain Clinton Gas Tax Plans!

[Frank Booth]

More than 200 economists, including four Nobel prize winners, signed a letter rejecting proposals by presidential candidates Hillary Clinton and John McCain to offer a summertime 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.

- snip -

Clinton said yesterday on ABC's This Week with George Stephanopoulos that ``I'm not going to put my lot in with economists'' because ``we would design it in such a way that it would be implemented effectively.''

- snip -

The environmental group Friends of the Earth endorsed Obama over the weekend and called Clinton and McCain's moratorium proposals ``sham solutions that won't ease the pain at the pump.''

http://www.bloomberg.com/apps/news?pid=20601087&sid=aza2XQB.kk0k&refer=worldwide

[existentialist]

1. Does this remind anyone else

of the Republican strategy of attacking scientists when the scientists try to say things that the Republicans don't want the public to hear?

[babylonsister]

4. Yep. Sounds way too much like dimson. nt

[Frank Booth]

5. Yes. Though even the Republicans usually dig up some wacko "scientist" who agrees

with their propoganda.

Hillary can't come up with a single economist. Even Rivlin, who served under Bill, signed the letter.

[nebula]

21. Bush is her hero

[mcctatas]

2. Those elitists....

How is it that suddenly, economists have become to Hillary what stem-cell researchers are to bush? She is just loopy....

[gateley]

3. It disturbs me that

they are promising hope and they won't be able to deliver. And Clinton knows there isn't a chance in hell that Bush would approve a tax to "make the oil companies pay".

It's downright mean.

[nebula]

6. Hillary has her own expert

[depakid]

7. McCain's plan is NOT the same as Clinton's plan

Don't see anywhere in the link that a windfall profits tax was discussed. Clinton's has one; McCain's does not.

[Frank Booth]

10. Take it up with the eminent economists who oppose it.

Something makes me think that they're not fooled by Clinton's "windfall profits tax," which would never be implemented in the first place, and that the oil companies would just make up for by charging even more per gallon.

Here are just a few of the economists who have denounced this sham:

Henry Aaron, Senior Fellow, The Brookings Institution

Gilbert E. Metcalf, Professor of Economics, 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)

Roger Myerson, University of Chicago (Nobel Prize in Economics, 2007)

Alice Rivlin, Brookings Institution (President of the American Economic Association, 1986, Director of O.M.B. 1994-1996)

Robert Shapiro, Sonecon, LLC (chief economic advisor to 1992 Clinton Campaign)



The letter and list of the now 221 signers (and counting) is at this link: http://gastax08.blogspot.com/

[depakid]

12. Don't be snide

There are TWO elements of the Clinton plan, one of which ISN'T MENTIONED -much less commented on by the signers of the letter.

Whether it would go down to defeat or not isn't the point- and I think you're well aware of that....

[Frank Booth]

16. Sorry, not trying to be snide, but

I think it is important that it would go down to defeat. It shows that Hillary's proposing this just to score political points rather than to actually help consumers.

I think my second point about gas companies just raising their prices is more valid though, and it's why the economists don't even mention the windfall tax. People are clearly willing to pay $4 per gallon. The oil companies know that, and they'll just raise the price at the pump to account for the fact that consumers don't have to pay the tax. That's why the letter says "research shows that waiving the gas tax would generate major profits for oil companies rather than significantly lowering prices for consumers."

[depakid]

19. I don't disagree with that

The gas tax "holiday" is a bad idea- particularly under the current regulatory climate. And Yes, it's pandering, though one can argue whether it would be as destructive as corn based ethanol pandering has been.

A windfall profits tax, on the other hand could work -and could be a relatively painless way to to raise revenue for mass transit solutions.

[hokies4ever]

17. Let me guess - the oil windfall profit tax

As Obama points out, Hillary's already said she will use that windfall profit tax to invest in clean energy. So she's spending the money twice. This makes her sound even worse. Instead of using the windfall profit tax to help promote clean energy alternatives to help alleviate our dependence on foreign oil, she will use it to promote MORE demand and dependence on foreign oil.

She should have her Senate seat revoked for this stupidity.

[Bensthename]

14. Bush and Big Oil will sign right off on that asap..

:freak:

[depakid]

15. A windfall profits tax?

:rofl:

[global1]

8. The Only Gas Tax Holiday Hillary Has A Chance To Put Into Effect ......

is if she stopped drinkin' beer and eatin' beans.

[mod mom]

9. Damn elitists trying to rain on Hillary's irrational parade.

[L0oniX]

11. Economists don't count.

:evilgrin: Clue 1 ...why doesn't she call for the repeal of the $0.05 federal gas tax that Bill enacted?

[Bensthename]

13. lobbyists now more about this then those damn elitists

[TragedyandHope]

18. Hillary: Burn the Economists!

[Zachstar]

20. Good!

[Califooyah Operative]

22. Yea but economists don't matter anymore. nt