The Gas-Tax Holiday, proposed by John McCain, was an attempt to make one super-wealthy candidate seem like a guy concerned about the average citizens’ problems. Instead, it’s getting blasted as the worst idea imaginable.
Both Hillary Clinton and John McCain agree in unison that something needs to be done to help out the little guy. Maybe a lifting of the gas-tax will drop prices enough so that people could enjoy a little cruise to start their summer? And maybe, in doing that, those people will repay that brave politician by voting for them in fall. Not a terrible idea in theory…wait, apparently yes it was. Bloomberg reports that:
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.
Over 200 economists from around the country, including 4 Nobel prize winners, have signed and circulated a petition rejecting the gas-tax holiday proposals. And they are being pretty vocal about it. Alice Rivlin, herself a Clinton supporter, continued by saying that if anything, we should raise the gas-tax to perhaps curb gasoline usage entirely.
Now that doesn’t really sound like a good idea either. If the only solution to high gas prices is to use less gas, do you think anyone would go along with it?
But none of that matters to Hillary. She doesn’t want to hear about all these economists spending too much time thinking and not enough time caring for the middle-class.
Clinton yesterday dismissed economists’ objections to the plan.
“I’m not going to put my lot in with economists,” she said in an interview on ABC’s This Week with George Stephanopoulos. “We would design it in such a way that it would be implemented effectively.”
Basically Clinton doesn’t care that the very theory of temporarily suspending gas-taxes doesn’t work, that’s hogwash. She’s going to implement it so it does work. Is that too hard to understand, egghead economists?
That having been said, can we really trust a group of 200 economists that hang out together? Do they really get out much. I’m imagining a bunch of nerds drinking tea and riding these around campus:
Bloomberg: Economists Criticize Clinton, McCain Gas-Tax Plans. May 5, 2008