Friday, June 4, 2010
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While engineers and oceanographers struggle to end the Gulf oil leak with pointless measures like "top kill," "junk shots," and "secondary wells," the World's Smartest Man has come up with the real solution: higher taxes.
The president believes that the best way to punish a British petroleum company is to raise taxes on all American petroleum companies...and therefore to raise prices for all consumers.
And he's not stopping there; the president feels that the oil spill is also a reason to go back to pushing for taxes on all carbon, including coal...thereby assuring that American's electricity prices will skyrocket.
The president's theory is that the billions upon billions in new tax revenues will allow the government, in its infinite wisdom and investment acumen, to fund research into "clean energy" sources. And if that happens to damage the economy, impoverish consumers, and cripple American productivity...so be it! In fact, we suspect that might be the deliberate goal.
But in an ass-backward way, the president might be right that tax policy could be the key to our "clean energy" future. But rather than raising taxes on all Americans, he should offer to cut - or better still eliminate - taxes for any companies that develop market-ready clean energy technologies.
Such a plan would create jobs (the CBO estimates that the proposed energy bill would kill millions of jobs), improve the economy, lead to cleaner energy and greater energy independence, reduce the oil money currently flowing to our nation's enemies, and make America stronger.
Which is, of course, why it will never happen.