Obama-nomics

Obama on Friday called for a $1,000 "emergency" rebate to consumers to offset soaring energy costs amid fresh signs of a struggling economy with the nation's unemployment rate climbing to a four-year high.

Obama told a town-hall meeting the rebate would be financed with a windfall profits tax on the oil industry.

So, Barack Obama’s great energy plan is to give consumers a $1000 to help them with the high price of gas and he is going to pay for it by... wait for it… taxing oil companies! What a brilliant idea! So let us see how this will work, shall we? Consumers get their $1000 dollars (nice bit of nation wide welfare, that) and the oil industry is then taxed to pay for it. The oil companies then are forced to raise their consumer prices in order to pay the extra tax resulting in (you guessed it) higher gas prices at the pump.

That could be a new campaign slogan for Obama. “How do you turn $4 a gallon gas into $5 a gallon gas without even trying? You Obama it!”. I hope he was a better lawyer than he is an economist, though that may explain why he is a politician.