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To: Paul V. who wrote (67482)	4/3/2005 4:43:41 PM
From: RetiredNow	Read Replies (1) \| Respond to of 77400

Yes, that is exactly right. Oil is a tax. That is my whole premise. When gov't cut taxes, usually that is a powerful stimulus, especially when you cut as much as Bush did. But because oil has more than doubled in the same period of time as the tax cuts have been in effect, high oil prices have completely offset the beneficial effect of the tax cuts. Had Bush not cut taxes, we would easily be in a recession right now because of high oil prices. Just wait. If oil goes to $80 or more, we will drop into a recession. That will be almost inevitable. It's really too bad. If it wasn't for the high oil, we'd be sailing right now and the economy would be expanding quickly enough to provide plenty of new jobs and to close the deficit. Instead, we are paying our deficit dollars over to our oil masters in Venezuela and the Middle East.