in reading the policy paper, it looks as if the rebate checks would be cut immediately, then the money would be paid for with 5 years worth of windfall taxes.
to make up the money lost through socialist mandate, one can assume oil companies will cut costs or raise prices
workers vs business, proletariat v bourgeoise. glad to see the left has their demon. walmart will be next in their crosshairs. i cant wait to see how they demonize walmart to allow unions.
fyi - 10% of the GDP runs through walmart. you want to see a recession? raise walmart's cost of doing business
Sen. Barack Obama
(D-Ill.) on Friday announced an “Emergency Economic Plan” that would
give families a stimulus check of $1,000 each, funded in part by what
his presidential campaign calls “windfall profits from Big Oil.”
Details are in this six-page policy paper.
The first part of Obama’s plan is an emergency energy rebate ($500
to individual workers, $1,000 to families) as soon as this fall.
“This rebate will be enough to offset the increased cost of gas for a
working family over the next four months,” Obama said. “Or, if you live
in a state where it gets very cold in the winter, it will be enough to
cover the entire increase in your heating bills. Or you could use the
rebate for any of your other bills or even to pay down debt
Separately, Obama’s plan includes a $50 billion stimulus package that his campaign claims would save more than 1 million jobs.
Half of the money would go to state governments, which are facing
big budget shortfalls, and half would be used for national
infrastructure, including replenishing the Highway Trust Fund,
rebuilding roads and bridges, and repairing schools.
Obama announced his plan 27 minutes after a Labor Department report
showed unemployment hit a four-year high of 5.7 percent in July — the
highest rate since March 2004, when it was 5.8 percent.
“We need to do more,” Obama said in a statement. “That’s why today I’m
announcing a two-part emergency plan to help struggling families make
ends meet and get our economy back on track.
McCain reacted to the surprisingly dour jobs report with a
two-paragraph statement: "Across this country, Americans are hurting
and today's job numbers are just the latest reminder of the economic
challenges we face. ... Unlike Sen. Obama, I do not believe that
raising taxes is the answer to our economic problems. There is no surer
way to force jobs overseas than to raise taxes on businesses.”
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.
You may not remember,but "Big Sam" said I don't like unions, I'll take care of my employees.
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