The Hammond Report

Obama shows his complete ignorance of economics and capitalism by announcing his plan to force oil companies to help fund economic stimulus checks.

Obama announced his plan for a windfall profits tax on oil companies on June 9 in Raleigh, N.C., as he launched a two-week economic tour after clinching the Democratic nomination.

Friday's proposal says Obama «is proposing to offset the cost of his emergency energy rebates over the next five years by enacting a windfall profits tax on big oil companies.»

«Obama simply asks that big oil companies contribute a reasonable share of the windfall profits they receive from high oil prices over the next five years to pay for emergency assistance for families right now,» the campaign says.

I remember Carter's windfall profits tax on the oil companies. They took away the incentive for oil companies to explore, extract, refine, and sell their product in the US. So they sold it elsewhere which created the shortages here.

This will do the exact same thing.  Can you say Carter's Second Term???????  What an ignorant man.

I think the American people are going to better understand this time around, what will happen if he runs too hard with this idiotic plan.