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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (222896)3/9/2005 11:45:31 AM
From: RetiredNow  Read Replies (1) of 1573222
 
Yes, as I said in my previous post, oil acts as a tax, as you know. I think I read somewhere that every $10 above $20 means 1% of GDP. So by that measure, our Middle Eastern friends are pocketing 3% of U.S. GDP. Ouch. I also read that oil would have to get to $70-80 in today's dollars to reach the levels we saw in the 70's. And we all know what that oil spike did to the economy. Anyway, I too believe that the twin threats of oil and deficit spending are the greatest threats to our economy. To me, oil by far is the worse threat. Unfortunately, Bush is not going to be the one to solve the oil problem for us, which again is why I voted for Kerry.
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