Sadly, the President seems unconcerned about the impact of his tax on struggling middle class Americans. He is more interested in pursuing a far left agenda, whatever the costs.
The real goal of his new plan was outlined in a White House memo that accompanied the President’s proposal. It noted that the $300 billion oil tax would create “a clear incentive for private-sector innovation to reduce our reliance on oil and invest in clean-energy technologies that will power our future.”
This is just another typical “tax and spend” liberal policy being offered by the Obama White House. It is also another overt attempt to destroy the oil industry and promote alternative sources of energy. These “clean-energy technologies” are never able to compete economically with fossil fuels, so, to survive; they need tremendous federal government subsidies and oppressive taxes forced onto the oil industry.
This proposal comes just weeks after the President signed a five year transportation bill with a $305 billion price tag. Now, the President wants to spend billions more for “clean” transportation research, new green technology and enhanced public transit systems.
Another component of the plan is to create a “Climate Smart Fund” to basically bribe local communities to develop “greener choices” and “more livable cities.” The plan includes every possible buzz word of the environmental left, such as “resiliency” and “sustainable.”
Thankfully, this type of proposal has no chance of passing the Republican congress. In fact, House Majority Whip Steve Scalise said it would be “dead on arrival.” A much better idea would have been a proposal to slash corporate and personal tax rates to restart our moribund economy.
In today’s job report, while the unemployment rate fell to 4.9%, the number of new jobs created was an anemic 151,000, below expectations. While wages and the average work week showed ever so slight gains, the labor force participation rate was stuck at an abysmally low 62.7%.
All of the current presidential candidates are discussing ways to improve the economy, especially for the struggling middle class. Even Hillary Clinton is not proposing new taxes on any Americans earning less than $250,000 per year.
In reality, the Obama $10 per barrel fee on the oil industry would be a tax on those Americans who are having a very difficult surviving financially in the current economy.
Let’s hope that the next President will take our country in a different direction and instead of trying to appease radical environmentalists, will be more concerned about taking care of those hard working Americans who are so often overlooked.