Is the future of the United States already sealed? You decide. Watch these two in sequence. Remember Barney “the Dinosaur” Frank is in a policy making position and the Kato institute is a non-partisan outsider group.
The logic of of “Obamanomics” are at work. See if you can follow Obama’s view of the world. $5.00 gasoline is good as long as it doesn’t get there too fast. In other words, if you don’t notice the price creeping up then there won’t be enough outraged people to hold the government accountable. That way the tax revenue will continue to roll in so the government can transfer a greater portion of YOUR earnings into social programs that continue to grow geometrically. That way there is no need to make the hard decisions like cutting back on the Ponzi scheme known as Social Security. You can even fund nationalized health care and Medicare.
Why? You’re being duped by the government. We’re sitting on 89 Billion (that’s with a B) barrels of oil in the Alaskan wilderness. Two times as much in the Gulf of Mexico and 3 times as much is in Iraq. If you’re counting that’s 50 years of oil not counting the other countries in OPEC. The only reason there is a supply problem is because of a perfect cocktail to take increasing tax money on a fungible asset. Like cigarettes the demand curve for oil is nearly vertical. So you can keep raising the prices on oil and people will still keep buying gasoline because they don’t have a choice unless they want to ride a ten speed for 13 miles from the suburbs to get to work every day.