Pretzel Logic

Chicken and Egg: A Currency Called the Oil/Dollar?

Snakyjake:

The only American people who "want" a windfall profit tax are the ones who have no grasp of economics. We tried this "windfall profit tax" in the '70s and it didn't work then -- it lowered oil production, which in turn raised oil costs. When will you people get it? THERE IS NO FREE MONEY. A windfall profit tax on American oil companies is a tax on ALL AMERICANS.

Exxon had a record profit, yes. They will also be paying a record TAX BILL (even without your "windfall" tax). Exxon by themselves will be paying more taxes than the bottom 50% of all American taxpayers combined. And you want to punish them for this? Study after study confirms: higher taxes = LOWER government revenue. Lower taxes = more productivity, more investment back in the business, more income = MORE government revenue.

Obama is an economic idiot. He's basically a Marxist -- and every Marxist economy has failed. What makes you think a Marxist America would be different? Obama's policies would fail spectacularly here just like they have everywhere else they've been tried.