Archive for May 8th, 2011

May 8, 2011

Oil Companies. Tax Cheats or Boogieman?

by lewwaters

In this troubling economic times, the government, instead of admitting their own malfeasance and years of mismanagement by both parties, and continuing their assault on business, businesses that create millions of decent wage jobs, have began calling for an end to Oil Company Subsidies.

Right away, with the crafty and misleading use of the word “subsidy,” that conjures visions of cash payments from the government to the oil companies, a false impression is created. The oil companies receive no payment from the government, but like other companies, receive some tax breaks to recoup some expenses and in turn, create or maintain more jobs.

Replying to Obama’s calls to “eliminate unwarranted tax breaks for the oil and gas industry and use the dollars to invest in clean energy,” Republican Speaker of the House, John Boehner said that cutting the subsidies to oil companies is “certainly something we should be looking at,” adding, “We are in a time when the federal government’s short on revenues. We need to control spending, but we need to have revenues to get the government moving. They ought to be paying their fair share.”

“Paying their fair share?”

Oil giant ExxonMobil is often the target of government with claims of they paid no taxes in 2009, a claim even Politifact declares FALSE!

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May 8, 2011

Plucking the Eagle or Plucking the Reader? A Book Review

by lewwaters

Some time ago I was offered a book to read and review. The book, Plucking the Eagle, Bringing Socialism to the United States by C. Francis James, or James F. Conroy depending on where you read of it, arrived in short order and due to reasons that kept me busy doing other things, wasn’t read right away.

For the last few years I have held an interest in learning more about the Federal Reserve and the pros and cons of keeping it or doing away with it. The book was said to contain a whole chapter addressing the Fed, which is where my main focus was reading it. I was quite disappointed with the chapter as it does not address the actions of the Fed itself, but rather focus on what I refer to as “Ron Paulian conspiracy theories” in how the Fed came to be.

While I see problems in the Federal Reserve and the need for multiple changes, not the least of which is more transparency, I also see grave dangers should it be ended and the Treasury be handed back control of our economy. Elected politicians and appointed cabinet members could easily benefit major contributors to their campaigns to be elected by “tweaks” to our monetary policy in their favor.

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