When the going gets tough, candidates get stupid. With the economy reeling and most Americans finding it difficult to keep up with their bills and expenses, Sen. McCain comes up with one of the most hare-brained ideas of the season, only to be joined in this non-solution by his alter-ego, Sen. Clinton.
On first blush to those who have never learned to think, it might sound like a good idea to suspend federal gas taxes during the summer as a way to reduce the cost of driving. But if you still have any cognitive ability, you would see it as the bullpucky that Sen. Obama sees.
McCain seems to have dropped any pretense of fiscal conservatism by failing to include any way of recovering the drop in federal gas taxes thereby further driving us into debt, which of course, is the problem in the first place.
At least Sen. Clinton had the foresight to include a provision passing the payment of the gas tax on to the gasoline producers. This proves she is a clever politician and a dimwit at economics.
The entire concept is dependent upon the producers not raising their prices to fill in the void left by the uncollected gas tax. When was the last time we saw these companies practice that kind of price restraint? Let me take a guess — never!
So the federal government suspends the gas tax, the price of gas goes up to meet the demand which will undoubtedly increase and outpace supply, so the price of gas will be the same for the consumer and we will be a nation further in debt.
This kind of brilliance at economics certainly confirms McCain’s self pronounced lack of knowledge, experience and understanding. I must admit I am somewhat surprised that Sen. Clinton fell for it however.
Neither Clinton nor McCain seem to understand that only by reducing our overall debt — public and private — can we provide any sustainable solution to the economic crisis. Yet another rate drop by the Fed only makes it worse in that it helps create the same conditions that got us in this mess.
Where oh where is a real fiscal conservative? While I deplore most of the conservative agenda, on one point they are right — we must turn around our addiction to debt at the level of government, and just as much so on a personal level.
We cannot spend our way out of this. We cannot give more away to get out of it. We have to collectively tighten our belts, learn some fiscal responsibility, and tell the gamblers who now run the world economy that we have had enough of their voodoo economics.