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Biden’s Energy ‘Windfall’ Tax Is
Election Theater For Economic Illiterates

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Posted By: Moritz55, 11/2/2022 1:31:31 PM

President Joe Biden has accused oil companies of “war profiteering” and is threatening to impose a windfall tax if they fail to boost domestic production — and improve the Democrats’ fortunes in the 2022 midterms. It is ugly political theater. Demanding private entities act on behalf of the party or face punishment from the state, as the president might say, is semi-fascisty behavior. Other than appealing to the anger and frustrations of economic illiterates, windfall taxes (a tax on allegedly excessive, or unfairly obtained, profits) make zero sense. They neither bring down the price of energy nor increase supply. All windfall taxes do is disincentivize oil producers

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Reply 1 - Posted by: Quigley 11/2/2022 2:06:46 PM (No. 1322197)
Oil and gas is irreplaceable at present. It would not surprise me to learn that The Bidet does not know that. He knows how to sniff children, deny responsibility (“gas was over $5 a gallon when i took office”), and do what the people who pay him instruct him to do (“the person in the easter bunny outfit says i have to leave”).
4 people like this.

Reply 2 - Posted by: Rich323 11/2/2022 2:58:57 PM (No. 1322243)
Economic Illiterates synonym for Liberal Voters; Hollywood, democrat members of congress, Joe Biden’s administration and last but not least Yellen, Deese and the entire council of economic advisors.
4 people like this.

Reply 3 - Posted by: Starboard_side 11/2/2022 3:13:30 PM (No. 1322253)
It's intended to see if they can fool just enough voters, since such a comment is not met with a robust press asking proper questions.
2 people like this.

Reply 4 - Posted by: bad-hair 11/2/2022 3:17:00 PM (No. 1322256)
And far and away the Chief Economic Illiterate is FJB
2 people like this.

Reply 5 - Posted by: MattMusson1 11/2/2022 3:21:08 PM (No. 1322258)
If you want Oil Company Profits to go down... Let Them Drill! Oil will become more plentiful and Profits and Prices about.
5 people like this.

Reply 6 - Posted by: MattMusson1 11/2/2022 3:21:31 PM (No. 1322260)
Profits and Prices will go down.
1 person likes this.

Reply 7 - Posted by: curious1 11/2/2022 5:16:28 PM (No. 1322355)
#5/6; that's waaaaay too complex for the regressives to grasp. Of course, so is the dimorphous nature of the human species.
2 people like this.

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