There is an old adage:  Give a man a fish and he eats for a day; teach him to fish and he eats for a lifetime.  Senator Obama’s plan to give every American a $1,000 check—financed by a windfall profits tax on oil companies—basically gives every American fish for a day.  It does nothing to address the long-term energy need of the country.

 

On top of that, instead of addressing the need for more domestic oil production the Democratic leadership in Congress called for a five week vacation.  It is almost as if the Democrats realize they don’t like being in the majority and they want to do all they can to help Republicans win the November election.

 

If the United States increased domestic oil production by one million barrels a day, at $120 a barrel, it would mean nearly $44 billion in additional income annually for American workers and companies (actually it is more when you take into account the multiplier effect).  It would also mean billions of dollars in extra revenue to state and federal governments.  For some reason the Democrats oppose generating the additional revenue.

 

I can’t believe Senator Obama’s economic advisors think this $1,000 rebate is a good idea.  Senator Obama’s plan is basically to take money away from domestic companies, preventing them from investing in oil exploration, production, and more environmentally sound drilling methods.  In turn it gives the money to all Americans to help offset the burden of high energy costs.  Yet where does America getting the bulk of its oil?  From foreign nations, many of whom are hostile to the United States.  This plan does nothing to increase domestic oil production.

 

This is a good sign for Senator McCain.  By all accounts, Senator Obama should be ten points ahead of his Republican challenger.  Yet according to the latest Rasmussen Poll, Senator McCain is ahead by one point.  Obviously if Senator Obama pandering to the voters with 1970s style short-term economic fixes, it must mean he is very concerned about his chances of winning the election.