Detroit to Obama: Why Do You Hate Us?
If Heaven ain’t a lot like Detroit…
It’s not one of the best times to live in Detroit these days. General Motors announced massive losses (more massive than the last time they announced massive losses) and their stock is currently under the prices of a gallon of gas. On top of this, they’re talking aboot bankruptcy.
Yep, the same bankruptcy people were suggesting before we gave them a $17 Billion loan we knew was going to go to waste.
Then you have the Obama Administrations new Energy Tax, which according to an editorial in the Detroit News would disproportionally affect Michigan families…
The carbon tax will be paid by energy companies, manufacturers and public utilities, who will pass the cost on to their consumers. Michigan will be especially targeted. It gets 60 percent of its electric power from coal plants, and the state’s economy is still reliant on heavy manufacturing such as car and truck assembly and auto parts production. Michigan will lose as carbon tax money is shifted to states with a greater presence of high-tech and service businesses.
The proposed tax would take effect in 2012 and has the very real potential to throw the nation back into recession, if indeed the expected recovery has arrived by then. It’s impossible to raise costs for such basics as manufacturing and energy production by more than half a trillion dollars over a decade and not have the effects felt across the economy. The nation’s gross domestic product contracted at an annualized rate of 3.8 percent in last year’s fourth quarter — the worst economic record in nearly three decades. Is this really a good time to be talking about a carbon tax? How will such talk impact investment decisions?
Obama promises to use some of the revenues for tax relief for certain workers and some of the rest for subsidies for alternative energy. But that won’t make up for the damage this huge new tax will do to the economy, especially in Michigan.
Wasn’t it the Democrat Party who, when Republican’s blocked the Auto Bailout Bill in favour of restructuring, said the R’s were looking for blood and taking it out of the middle class?
BTW, the auto bailout turned out to be a waste of money after all.
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