Hmmm....?

[Ohiobucks]

See the red highlighted portion below and tell me your thoughts on this. Would this actually help lower fuel costs to consumers? I can see points both ways, but if the big oil companies had no tax breaks, wouldn't they have to charge more for their product to cover additional tax expenses?

From CNN Money today:

Bush calls out Congress on economy

President calls on legislators to pass bills that will help ease the effects of the economic downturn, saying lawmakers have not done enough.

NEW YORK (CNNMoney.com) -- President Bush addressed Americans' anxiety about the effects that the U.S. economic downturn has taken on their wallets Tuesday, calling on Congress to pass legislation that will help reduce energy and food costs, keep people in their homes, and make student loans more available.

Speaking at a White House Rose Garden news conference, Bush said Congress has not passed legislation that he proposed to help ease the effects of the economic slump.

"I've repeatedly submitted proposals to help address these problems, yet time after time Congress chose to block them," said Bush.

Bush said Congress failed to pass bills that expand safe oil exploration and build new refineries that would help to reduce energy prices. The president said his proposal to expand oil production at home would result in about a 20% increase of crude oil production and it would likely mean lower gas prices.

He added that the farm bill that Congress is considering is "bloated," and would do little to reduce the cost of food.

"The bill Congress is now considering would fail to eliminate subsidy payments to multimillionaire farmers," said Bush. "America's farm economy is thriving ... and this is the right time to reform our nation's farm policies."

The president also called out Congress for failing to pass his proposed legislation to help modernize the home loan industry through Freddie Mac (FRE, Fortune 500) and Fannie Mae (FNM, Fortune 500) reforms, and by allowing state housing agencies to issue tax-free bonds to refinance subprime loans.

Lastly, the president said lawmakers need to pass a bill that would temporarily give the federal government greater authority to buy federal student loans.

"This authority will safeguard student loans without permanently expanding the government's role in their financing," Bush said.

Bush said Americans are looking for politicians to come together to work on these issues in a bipartisan manner.

"I don't think it's just too much to ask even in an election year," he added.

Democrats shift blame to President: But Democratic leaders said the blame instead lies with the president.

Sen. Charles Schumer, D-N.Y., said in a press conference the president is out of touch with the troubles of the pains that Americans feel from the economic downturn.

"The president doesn't understand the struggles of American families," said Schumer. "Everyone is having a tough time to make ends meet"

Schumer also said that Bush has failed to address the most important factors that continue to drag down the economy.

"The president has lost control of the economy," said Schumer. ""He has ignored repeated shots across the bow: Record oil prices, the housing crisis ... none of these things are being addressed."

Schumer also scoffed at the president's claim that Congress supports legislation that would make energy even more expensive, saying the president continues to support the tax breaks on big oil companies.

"This administration has no energy policy," added Schumer.

Speaker of the House Nancy Pelosi, D-Calif, called on the President to drop his veto threat from House legislation that would give tax credits for renewable energy.

"[The bill would] save 116,000 green jobs and create hundreds of thousands more," Pelosi said in a statement.

Bush says economy not in a recession: Though the president maintained that the economy is not in a recession, he said that does not affect the pain some Americans are feeling from the recent downturn.

"Words that define the economy don't reflect the anxiety that Americans feel," said Bush.

[Texan_Til_I_Die]

Now go back and re-read the article again. Take your time and pay close attention to what President Bush is quoted as saying, and to what Sen. Chuck Schumer and Rep Nancy Pelosi are saying.

President Bush is offering concrete proposals to address the problems - increased domestic oil production and refining, eliminate subsidy payments to multimillionaire farmers, legislation to help modernize the home loan industry through Freddie Mac (FRE, Fortune 500) and Fannie Mae (FNM, Fortune 500) reforms, and by allowing state housing agencies to issue tax-free bonds to refinance subprime loans, and a bill that would temporarily give the federal government greater authority to buy federal student loans.

The Democrats response - Block all of the President's proposed solutions and then badmouth Bush. "The president doesn't understand the struggles of American families," said Schumer. "Everyone is having a tough time to make ends meet. The president has lost control of the economy," said Schumer. ""He has ignored repeated shots across the bow: Record oil prices, the housing crisis ... none of these things are being addressed. This administration has no energy policy," added Schumer.

Speaker of the House Nancy Pelosi, D-Calif, called on the President to drop his veto threat from House legislation that would give tax credits for renewable energy.

Whether right or wrong, the fact remains that Bush is the only person even making an attempt to solve most of these major issues. The Democrat controlled Congress isn't even trying. They're doing exactly zip, zero, nada.

[nativetexan]

That's what democrats do. They focus on the plights of the blue collar folks, then point fingers and do so repeatedly until the heat is off of them, then they take congressional vacations until the next finger pointing session comes along. The two listed above are quite possibly the worst two of them all.

[stevebeilgard]

Now go back and re-read the article again. Take your time and pay close attention to what President Bush is quoted as saying, and to what Sen. Chuck Schumer and Rep Nancy Pelosi are saying.

President Bush is offering concrete proposals to address the problems - increased domestic oil production and refining, eliminate subsidy payments to multimillionaire farmers, legislation to help modernize the home loan industry through Freddie Mac (FRE, Fortune 500) and Fannie Mae (FNM, Fortune 500) reforms, and by allowing state housing agencies to issue tax-free bonds to refinance subprime loans, and a bill that would temporarily give the federal government greater authority to buy federal student loans.

The Democrats response - Block all of the President's proposed solutions and then badmouth Bush. "The president doesn't understand the struggles of American families," said Schumer. "Everyone is having a tough time to make ends meet. The president has lost control of the economy," said Schumer. ""He has ignored repeated shots across the bow: Record oil prices, the housing crisis ... none of these things are being addressed. This administration has no energy policy," added Schumer.

Speaker of the House Nancy Pelosi, D-Calif, called on the President to drop his veto threat from House legislation that would give tax credits for renewable energy.

Whether right or wrong, the fact remains that Bush is the only person even making an attempt to solve most of these major issues. The Democrat controlled Congress isn't even trying. They're doing exactly zip, zero, nada.

right on! . and as for shumer and his tax... companies do not pay tax. they simply increase the cost of their product, and the consumer (us) pay the tax.

[oldksnarc]

What actual control does the President have over the economy? None. He can make suggestions and offer ideas. But, when it comes down to the nut-cutting, he has little if any control over the economy. Even his ideas and suggestions have to have the approval of congress. And, thankfully, they have little control or effect. It all boils down to business.

And, regardless of what Chicken Little says, we're not in a recession. Recession is defined as two or more quarters of negative economic progress. We're not there. Last quarter was +.06 % upward movement. While not ideal it's not recession.

The biggest negative impact on the economy has been the housing market. But, that's been a result of building too many new homes than the market can support AND lenders putting too many people in homes they can't afford.

Why should we as consumers and we as taxpayers bail out those who speculated on housing investments that ended up being bad decisions/investments subsidize or bail out lenders?

We shouldn't. No one is going to bail me out if I make a bad investment or business decision.