Tags: Those | 'Obscene' | Oil | Profits; | Jeffords | the | Liberal

Those 'Obscene' Oil Profits; Jeffords the Liberal

Friday, 25 May 2001 12:00 AM

Specifically, I was talking about the distortions of oil company profit margins that are being promoted by a bunch of people who should know better. Tim Russert of "Meet the Press" takes a 53 percent increase in an oil company’s profit margin and tells the nation that this oil company is making 53 percent profits. Stupidity or carelessness? You decide.

Now we have House Democrat David Bonior. He has introduced some legislation called - get this - "The Gas Price Spike Act of 2001.” This anti-free-enterprise legislation would levy a 100 percent tax on all oil company profits on gasoline and diesel fuel that rise above "a reasonable rate of return.”

So, what is "a reasonable rate of return?” That is a decision that is usually driven by market forces and competition. It’s a little thing called free enterprise and a law called "supply and demand.”

Well, supply and demand is not good enough for Bonior and his leftist co-sponsors. That will be up to the government to decide. Bonior wants the imperial federal government to decide what a "reasonable” profit would be. Today, gasoline. Tomorrow, food, clothing, automobiles, medical care, apartments, homes - ahhh. Just imagine! The sky is the limit for government power here!

Maybe Bonior and his Democratic Socialist friends would like to set up a new federal agency. The Bureau of Reasonable Returns. Someday we’ll all know this federal agency by its acronym BRR. A grand sweeping law could be passed levying a 100 percent tax on all profits for all businesses on all returns that exceed the government-mandated "reasonable rate of return.”

The BRR could operate like the old Interstate Commerce Commission that used to set interstate shipping rates. Businesses would submit documents to the BRR setting forth what they believe would be a "reasonable rate of return” for the coming fiscal year. The bureaucrats in the BRR would then sift through these mountains of paperwork, hear testimony from industry and public interest groups, tap into the current political climate, and issue their findings! Then enforcement officers could stream out across the country to keep an eye on the balance sheets of every American business - all in the name of protecting the hapless American consumers and enforcing the government-mandated reasonable rate of return!

Hey, it sounds a lot better than letting the free market handle all of this, doesn’t it?

By the way - under strict economic definitions, this bill would make Bonior a fascist.

"Moderate." "Independent." "Maverick." All of these words have been used by newspaper reporters and broadcasters to describe former RiNO (Republican in Name Only) James Jeffords of the great leftist state of Vermont. Here's what the national TV news has been saying about him, courtesy of the Media Research Center:

ABC's "Nightline" anchor Chris Bury called him a "mild-mannered maverick."

ABC's "World News Tonight" correspondent Terry Moran said, "It was clear that a White House strategy of trying to muscle the maverick Republican had backfired."

On ABC's "Good Morning America," George Stephanopoulos said that Jeffords was "a maverick Republican."

CBS's "The Early Show" news reader Julie Chen said Jeffords was a "three-term moderate from Vermont."

On MSNBC, Jonathan Alter of Newsweek said he's been "this moderate Republican - fiscally conservative, socially liberal - for many years now."

NBC "Nightly News"' Lisa Myers said everyone's eyes were "on a quirky moderate from Vermont."

On NBC's "Today" show, Myers added that "some conservative Republicans treat Jeffords as a pariah because he and other moderates buck the party."

But our wonderful reporters are bending over backwards to avoid using the word that really describes him: liberal.

In its 2000 ratings, the American Conservative Union gave Jeffords a 36 percent score. Essentially, that means Jeffords agreed with the ACU about 36 percent of the time. Now compare that to the ratings of other Republican "moderates" from the Northeast. Arlen Specter of Pennsylvania earned a 62 percent rating. Maine's Olympia Snowe got an 80 percent rating, and Maine's Susan Collins got 76 percent.

Then there's Americans for Democratic Action, which ranks members of Congress according to its "Liberal Quotient." Jeffords earned a 55 percent rating from the ADA - he agreed with the ADA 55 percent of the time. Specter's rating was 40 percent; Snowe got 30 percent, and Collins went liberal 25 percent of the time.

Jim Jeffords is hardly the moderate the media want you to think he is.

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Specifically, I was talking about the distortions of oil company profit margins that are being promoted by a bunch of people who should know better.Tim Russert of Meet the Press takes a 53 percent increase in an oil company's profit margin and tells the nation that this...
Friday, 25 May 2001 12:00 AM
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