Monday, August 04, 2008
Lopez-Obrador must be giving "class warfare" lessons to the Dems!
Wonder what Pres. Kennedy or Truman are saying about this bunch called "Democrats"? They certainly have little in common with what they used to call the Dem party.
I didn't vote for Pres. Clinton. However, I give him credit for having the good sense to push a free trade agenda that understood that we don't live in the 1950s anymore. We live in a globalized economy where companies compete for labor and capital across borders.
Sadly, today's Dems are nothing but "class warfare" merchants and demagogues.
Tax the rich, tax the rich!
When did Mexico's leftist Lopez-Obrador become an honorary member of Obama's party? Did you know that the PRD and the Dems have become "comrades" in the pursuit of economic justice?
Let's take Obama's idiotic and despicable calls for a "windfall profit tax".
What's a windfall profit tax anyway?
Why does it only apply to oil companies?
Why not apply it to Microsoft or McDonald's, two companies with better return on investment than the oil companies.
See The WSJ's lead editorial today:
"Take Exxon Mobil, which on Thursday reported the highest quarterly profit ever and is the main target of any "windfall" tax surcharge.
Yet if its profits are at record highs, its tax bills are already at record highs too.
Between 2003 and 2007, Exxon paid $64.7 billion in U.S. taxes, exceeding its after-tax U.S. earnings by more than $19 billion.
That sounds like a government windfall to us, but perhaps we're missing some Obama-Durbin business subtlety.
Maybe they have in mind profit margins as a percentage of sales.
Yet by that standard Exxon's profits don't seem so large.
Exxon's profit margin stood at 10% for 2007, which is hardly out of line with the oil and gas industry average of 8.3%, or the 8.9% for U.S. manufacturing (excluding the sputtering auto makers).
If that's what constitutes windfall profits, most of corporate America would qualify.
Take aerospace or machinery -- both 8.2% in 2007.
Chemicals had an average margin of 12.7%.
Electronics and appliances: 14.5%.
Pharmaceuticals (18.4%) and beverages and tobacco (19.1%) round out the Census Bureau's industry rankings.
The latter two double the returns of Big Oil, though of course government has already became a tacit shareholder in Big Tobacco through the various legal settlements that guarantee a revenue stream for years to come."
That's it. Let's tax all US businesses out of existence! After that, we can blame US companies for moving their operations overseas!
Again, what planet has the Dem party been living in lately?
They are living in Lopez-Obrador's planet! They must be getting their economic talking points from one of LO's rants at the Zocalo!
How successful has LO economics been anyway? Just ask the millions of Mexicans who can't find work in Mexico! Just ask the "rich" Mexicans who keep their money out of Mexico!
It's time for someone in the Dem party to stand up and shut down all of this anti-capitalism fraudulent "class warfare".
Obama has never met a payroll in his life and it shows every time he speaks about economics!
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