Obama - windfall profits to fund $1K rebate...
Yesterday I wrote that by 6:00PM the pols would be kicking the stuffings out of the oil industry while throwing sops to the investment banks which created the housing disturbance. Anybody besides me notice that for most of the oil majors, crude production is dropping??? We continue to incentive the banks to make zero downpayment loans ($7K tax credit if you buy a house today - aka DPA from the federal government instead of Hovnanian through the Little Sisters of the poor) and disincentivize the crude industry....so prices got up more so we can kick them harder next time.
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Obama Proposes Energy Rebates
Associated Press
August 1, 2008 11:22 a.m.
ST. PETERSBURG, Fla. -- Barack Obama on Friday called for a $1,000 "emergency" rebate to consumers to offset soaring energy costs amid fresh signs of a struggling economy with the nation's unemployment rate climbing to a four-year high.
Sen. Obama told a town-hall meeting the rebate would be financed with a windfall profits tax on the oil industry.
"This rebate will be enough to offset the increased cost of gas for a working family over the next four months," Sen. Obama said in the crucial swing state of Florida.
Sen. Obama had earlier said the rebates should be part of a larger tax relief package. But now he says the slumping economy demands they be put in place immediately.
Sen. Obama's remarks coincide with news that the unemployment rate climbed to a four-year high of 5.7% in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work. Payroll cuts weren't as deep as the 72,000 predicted by economists, however. And, job losses for both May and June were smaller than previously reported. (See related article.)
July's reductions marked the seventh straight month where employers eliminated jobs. The economy has lost a total of 463,00 jobs so far this year.
"We can either choose a new direction for our economy, or we can keep doing what we've been doing," Sen. Obama said.
During his speech, Sen. Obama was interrupted by three men who stood up with a banner asking, "What about the black community, Obama?" Many in the crowd began chanting, "Yes, we can," the Obama campaign mantra to counter the criticism.
Sen. Obama told the three that they would have a chance to ask questions after he had his opportunity to speak. A town-hall organizer later took the banner from the three. |
