Dependency, Redistribution And The Rising Price Of Gas

March 29, 2011 07:42


Here’s how the economic and political system of a nation is destroyed.

IBD Editorials

EXCERPTS:

Every price increase of just a dime per gallon of gasoline at the pump extracts approximately $5 billion from the pockets of U.S. consumers over the course of a year.

On top of killing family budgets, with a dollar-a-gallon jump at the pumps picking our pockets of $50 billion per year, there is on the macro level an inverse relationship between the price of oil and the overall health of the economy.

Oil price hikes deliver less job growth, less demand for labor, more unemployment, more poverty, more inequality, more inflation, lower real income increases and smaller advances in the standard of living.

Additionally, higher oil prices directly cause greater amounts of U.S. capital to be exported, both to pay the higher prices and to pay for the growing levels of imported oil.

A few days back, President Obama, rather than sticking around a couple hours to explain to the American people or the U.S. Congress why we were going to war in Libya, flew off to Brazil to hand out a permit to allow deep-sea oil drilling in the Gulf of Mexico to Brazil’s state-run oil company, Petrobras. Capitalist companies in America need not apply.

In earlier days, Rousseff, a former Marxist guerrilla, was charged with running with a gang of redistributionists who accumulated revolutionary capital by way of kidnapping foreign diplomats for ransom.

A top priority for Rousseff today mirrors the “spread the wealth around” objective that Obama stated to Joe the Plumber.

“If somebody wants to build a coal-fired plant, they can,” pronounced Obama during the presidential campaign. “It’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.”

What’s the end game? “Suicide Mission Accomplished”?

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