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Raise Oil Taxes! Does Obama Get Economics?

I just want to know if President Obama ever took an economics course in college.

I’m convinced the reason that we can’t get a look at his transcripts is not because his grades were bad, but because of the courses he took.

Anyone who went to college, especially a liberal arts college, and especially a liberal liberal arts college – like I did – knows a student like the one Obama probably was:

Obama condescending look
I don't need to understand economics. I understand people. Photo by Keith Koffler

No economics classes – who needs capitalist propaganda? Maybe one biology class – and then finished with the sciences except for psychology. Math? That was for high school.

Probably he tried out a language – maybe Russian, since you must learn the Soviet language to best promote mutual understanding – but he probably dropped it after one semester because it actually requires a ton of work.

But you know where he lived: English lit, philosophy, history and political science.

And I imagine that within those disciplines, there were some awkward choices: Marx and Lenin 101; Marx and Lenin 102, Mao’s Theory of Endless Revolution; Heroes of Soviet Union; A History of Worker Oppression in the United States; Granola: What to do with the Crumbs?; and so forth.

Which brings me back to economics, and the latest piece of evidence that Obama doesn’t understand it.

In remarks Thursday at Nashua Community College in Nashua, New Hampshire, Obama told a bunch of fellow philosophy majors that, with gasoline prices on the rise, what we need to do right away is eliminate the oil industry subsidies.

OBAMA: Right now, $4 billion of your tax dollars — $4 billion — subsidizes the oil industry every year.

AUDIENCE:  Booo —

OBAMA:  Four billion dollars.  Now, these companies are making record profits right now — tens of billions of dollars a year.  Every time you go to the gas tank or fill up your gas tank, they’re making money.  Every time.  Now, does anyone really think that Congress should give them another $4 billion this year?

AUDIENCE:  No!

OBAMA:  Of course not.  It’s outrageous.  It’s inexcusable.  And I am asking Congress — eliminate this oil industry giveaway right away.  I want them to vote on this in the next few weeks.  (Applause.)  Let’s put every single member of Congress on record:  You can stand with the oil companies, or you can stand up for the American people.  You can keep subsidizing a fossil fuel that’s been getting taxpayer dollars for a century, or you can place your bets on a clean-energy future.

There’s a moment from my time in the real world I’ll share with you.

I was working as a waiter and bartender at a restaurant in Washington. The city, which was screwing up its finances and needed a shot of money – as usual – assessed a “sin tax” on restaurants, raising the tax on alcoholic drinks.

I thought our drinks were already a little pricey, and I wondered what would happen.

I’ll never forget the day the tax went into effect. The owner of the establishment went straight to the computers and added the exact amount of the tax to every drink you could order.

Obama seems not to understand that the oil companies will pass their lost tax breaks straight through to you and me. With gas prices headed toward $5, OBAMA IS PROPOSING TO RAISE THEM FURTHER.

This will not only harm the country, it will set back his reelection prospects. If Republicans want to be a little cynical, they should pass this right away.

Obama is either so eager to stick it to businesses he hates, so hopelessly enamored of green energy that he would hurt his own cause, or pretty much ignorant of basic economics.

Likely, all of the above.

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58 Responses to Raise Oil Taxes! Does Obama Get Economics?

    • From his “bong filled “days in Hawaii , his socialist indoctrination in his college days, to his 20 yrs. of black liberation/anti-American teaching under the ultimate maniacal racist rev wright, its no wonder this guy does what he does..
      As an old Florida Cracker I knew years ago would say;
      ” You caint make a crooked tree grow straight ” and
      “A head a’ cabbage has more sense than most politicians. It wisely uses
      what little resources God gives it.

      That ol’ Cracker had a 6th grade education
      & as wise as anyone I’ll ever know …
      ( sorry barry, that means you too.)

  1. It’s called Obamanomics!

    The House should put a bill together ending oil subsidies and matching it with 4 billion in cuts to left wing subsidies and spending. No way Democrats would vote for it.

  2. Funny, I took a lot of philosophy, literature, history, and political science in college, but I came out with a completely different outlook on things. My belief that the history tells us that large, intricate government has inevitably led to a lower, poorer, and meaner life.

  3. There you go again! Why can’t conservatives simply accept that Mr. Obama is the smartest man in the room, country, world? When will conservative realize that it is for are own good that the government control more and more aspects of our lives, and that the a healthy fear of the government is actually a good thing?

    Oh, wait, “When the people fear their government, there is tyranny; when the government fears the people, there is liberty.” – Thomas Jefferson.

    Obama should remember some old wisdom, “beware the ides of March.” (Note to Secret Service, DHS and any other alphabet soup agency: this is not a threat against the person of POTUS, but rather a quote from Shakespeare’s Julius Caesar Act 1, scene 2, and referring to the treachery of those that Caesar trusted). Then again, it may be the American people that need to “beware the ides of March” for our politicians, of all stripes, cannot be trusted, and it is we the “people” that are being stabbed as happened to the ill-fated Caesar.

  4. Vladimir Ilyich Lenin quotes:
    Destroy the family, you destroy the country.

    A system of licensing and registration is the perfect device to deny gun ownership to the bourgeoisie.(Questionable)

    The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.

    The Capitalists will sell us the rope with which we will hang them.

    Who would have thought the executioner would be the man elected by the American people.

  5. I never hear about evil Wal-mart gouging the customer. I always figured oil companies make mega-zillions the same way Wal-mart does. INCREDIBLE VOLUME.

  6. Last March, MrO approved a 2 billion dollar loan of our money to off-shore oil interests in CHILE.
    He must have forgotten about that, being all busy and all.

    You’re right, he doesn’t understand how business works, how they make a profit and why they must make a profit. Making banks and business entities the enemy of the people might sound good to the ignorant, but without them and their profits America will be another Greece.

    Words and how he uses them are very clever….oil companies get your money every time you buy gas…..of course they do. Who else would get that money?
    Clever, his adminsitration pulls the plug on domestic drilling forcing us to buy foreign oil at a higher price, then blames the oil companies for the high prices.

    • Under the heading:

      List of Omissions:

      Fannie & Freddie (need another $4 billion)
      The thieves F.Raines, et al need millions more for their lawyers.

      Oh hell, just add to the list if you feel like it.

  7. Deja vu. Haven’t we heard this same speech about cutting oil subsidies over and over again? He needs to scrounge up some new straw men if he wants to raise the ire of anyone other than a bunch of teenagers who are more interested in their social life than they are with his class warfare tactics.

  8. What’s inexcusable is that Obama doesn’t tell the people that his failure to negotiate, rather than dictate, with oil rich countries is the reason for high gas prices. Instead, he chooses to play war games with his pet drones and consider the consequences later. The oil companies must deliver to the consumer, at whatever cost, and if their tax breaks disappear as he proposes, the money has to come from somewhere…we the people as you say. Furthermore, Obama continues to expound upon clean energy, yet so far, not much has been done about it. Why give solar panel contracts to China, when we need our economy to recover? No, he doesn’t get economics, military strategy, or diplomacy; he has no foresight. What he does get is how to deceive the sheeple with a few songs and lots of non-stop rhetoric. I believe he loves the teleprompter almost as much as he loves himself!

  9. The after tax profit for oil companies really was an eye opener for me. Sure they do make a lot of money. They also spend a lot of money on exploration, research and TAXES. Their “disposable income” is only around 10%. I honestly don’t know any company survives on a 10% profit.

    A tax on oil companies will only make it cost more at the pump. How in the world can’t he know or see that?

      • Yeah, the bottom line profit margin is pitiful. Apple, which is the darling of the universe, makes 3 times the profit of oil companies.

        So we’ll take away the “subsidies” of the oil company and do what? Give it to another Solyndra? And I put quotes around subsidies because they are not subsidies. They are legitimate tax deductions, just like depreciation, that any company would be allowed to deduct. It’s a shame that this country is so financially illiterate.

  10. I heard economist Stuart Varney on Fox News this AM explain the current gas at the pump situation is reaction to the Iran madness. Gas hit $108 pb this AM. Varney said this increase has not yet been reflected at the pump. If anyone asks whether Pres. Obama could do anything about that, the answer is yes. Keystone XL pipeline, ANWR and Gulf drilling would decrease our dependence on muslim oil immeasurably. If stupidity isn’t grounds for impeachment, incompetence should be.

    • I was reading a column the other day by that Froma Harrup gal and she just blandly stated that Obama was running a :”competent” presidency–stated it as fact then moved on. Whoa whoa, honey…who says? And what is a competent presidency anyhow? That term implies a grasp of many variables, scheduling, negotiation, implementaton of a big picture…in other words, running the joint day-in, day-out, little fanfare–and NO SINGING. Sorry–this is not a competent presidency.

      • Star –

        I beg to disagree, using the “The Free Dictionary” on-line’s second notation, “2. Adequate for the purpose: a competent performance” he is adequate. However, in these times of peril and unease, or as Thomas Payne said, “These are the times that try men’s souls,” we need not competent or adequate. We need a leader the instills confidence and pride on our country. He does neither.

  11. Good points, all.

    So now the Grifter-In-Chief wants congress to remove the Oil company subsidies, which we here, in this thread, understand that it will result in a higher price at the pump. But do the American PEOPLE really understand that? I think not. So, in their eyes, when the Republicans vote AGAINST the removal of the subsidies, THEY will look like the bad guys who don’t want to help the FOLKS, which will make the Vacation Chief look like he’s trying & is FOR us, while he continues to undermine & subvert. He will thereby gain more votes & his approval ratings will rise…..not good!

    I hope the Republicans wake up.

  12. Good point, Keith. When I was in high school I worked fast food. Teddy Kennedy and his pals passed another hike in the minimum wage while I was there. To cover the mandated wage increase, the owner simply increased the prices. It’s simple economics.

  13. Keith, how true how true. Knowing business don’t pay taxes is an important exercise in economic logic. Following through to Public Sector unions: Psu workers don’t pay union dues, taxpayers do! Meaning the cost is not at all paid by the worker they just negotiate higher wages. A well documented cycle but not as widely understood or discussed. If the 50.5% really understood they were paying the “executioners” we might have a different outcome in November.

  14. Mr. Koffler your satire(?) list of college classes Obama ‘most likely’ took was the first actual attempt Ive have ever read of someone in the ‘media’ actually mentioning what classes Obama took…

    I still dont understand why NO ONE in the ‘media’ will directly ask Obama or the Obama propaganda machine why NO ONE is allowed to see Obama’s “college records”? What is the ‘offical’ reason Obama will not disclose his “college records”?

    • I seem to remember his saying once that he was not the greatest of students, so that would be do what I say not what I do, again. I also think he may have been a “foreign” student or gotten some perk that would raise a ruckus. As for the Law Review–if he wrote something in it, wouldn’t that be public record–so I guess he didn’t…meaning what, I don’t know. As for the schools before Harvard–Occidental?–maybe he left under a cloud, who knows.

  15. Keith, on the day after the Sherriff Joe Arrapio Obamapalooza Document Dump …you might just be on to something. Maybe this lack of “hard” study is the reason why (along with being given foreign aid as anIndonesian national) Dear Leader’s transcripts are triple top secret. If he was NOT a foreign student…then maybe he just isn’t the mostest smartest genius eveh go sit in the Oval Office.

    What is being done at the gas pump is the easiest, fastest way to intentionally crash the US economy. ObamaCare will still take years, millions of stalwarts are honoring their mortgages and doing whatever to hold onto their homes…but gas…wow…even those generic corn flakes people are eating three meals a day…they even get hit when fuel goes up.

    This is intentional. No doubt about it.

    • Steve Bannon was on Hannity last night. He mentioned Breitbart’s Obama college videos are safe and will be released soon. Maybe the videos can shed some light on Obama’s mysterious college days.

    • Months ago, a story appeared questioning WHY BHO had a Conn. State ID/Drivers’ License when he NEVER lived in that state? Such ID’s are obtained with green cards by “foreign students” so they can get jobs, replace the ID with another state ID/DL, receive study grants, and so on!

      With his every word about gas $’s and the portrayal of the oil companies as EVIL, BHO is continuing to preach “class war” tactics of divide and conquor as he promised from the very beginning to “fundamentally change America”! He has already set-up a WH Adm with far-left advisers, liberal Cabinet Secys with power to issue more regulations, mandates, without Congressional input/oversight! His corrupt AG just approved/paid “ransom” to Egypt making Americans traveling or living anywhere in the World TARGETS for Islamic terrorists!

      He has become “untouchable” by any Media, REAL economists, the Congress, even the Constitution & SCOTUS!

      By the way, the fastest growing populations in the USA and World are muslims! Secy Sebelius just testified that “controlling the birth of babies will cut the costs of health care”! USA Tax-paid contraception will MOST certainly CONTROL the number of Americans! Couple that with OBCare affects on “elder-care” and one can be sure that fewer people will be around to USE any healthcare!

  16. OBAMA LIES ABOUT U.S. DEPENDENCY ON FOREIGN OIL

    http://globaleconomicanalysis.blogspot.com/2012/03/president-obamas-lies-regarding-us.html

    Unless Onama wants to take credit for the Recession, he cannot take credit for the 3% drop in consumption! The drop was not due to alternate energy sources, it was due to adverse economic factors! There was actually a 4% INCREASE in in foreign oil consumption!

    It might be a good idea to hook Obama up to a polygraphy machine every time he opens his mouth!

    • “It might be a good idea to hook Obama up to a polygraphy machine every time he opens his mouth!”

      With a dual plug to electric current – 220 amp!

  17. What about the dividends the oil companies pay the owners of their company? Who owns the oil companies…you do…through the ownership of mutual funds and other pension funds. In short, Obama is taking $4 billion from the public.

  18. Don’t you trash talk english lit . Barry would of course stay away from my course ’cause my students would light him up : ” an interesting idea but could you pls show me where in the text you find that ?” As my grandaddy would say he just talks through his hat , i e all wind no stuff . And if all Barry could do at Columbia was a B+ averege in the early 80’s , he is dim witted or lazy and probably both .

  19. Even people on here don’t see what he is really doing… Of course he understands that will raise the price of gas, that is what he wants! Only by making gas more expensive than his green projects, will they go anywhere. He has to make gas so expensive that everyone clamors for “change.” It is all part of his ideology and agenda. He isn’t stupid, he is manipulative and a liar, but not stupid. After all, it is working.

    • We all understand what he is and what he wants – he made that clear from the get-go and its been reinforced by Chu and the czars. The only surprise and it really should be a realization how thoroughly infected the rot is within the Beltway. Obama didn’t get to where he is on his own – he had lots of helping hands along the way and they weren’t all “elected”.

    • Exactly Jojo. He has stated his policies will dramatically raise the costs of energy and wants that to happen. Look at the advertisement his government has placed on television about “wasting” electricity. A couple backs up to a pit and starts throwing out a television, bike, etc. with the message something like “wasting electricity-you could have bought something with the money you wasted.”

      Clearly he desires higher prices for everything because the less people have, the more dependent upon government they become. It is that simple!

  20. Why do people keep arguing that Obama doesn’t understand this or that? He understands perfectly well what he is doing! He wants to destroy this country. Read anything that Marxist’s or Communist’s write and they clearly state a new world cannot be created without destroying everything about the old world. That is also why he attacked the Catholic Church. The Church is the last institution to be destroyed because it is the only institution that still promotes morality (at least some of the time) and religious freedom in this country.