My man McCain is disappointing me again:
This week, I laid out an economic plan aimed at providing immediate and long-term relief for all American families. One of the key components of this plan is a suspension of the federal gas tax on gasoline from to of this year.
If there is any truth about the intersection between economics and politics it is that populism is never the economically correct way to go. If something is designed to appeal to the populace at large, you can be sure it is economically nonsensical. What does he think is going to happen in September? If the price of oil hasn't collapsed by that time due to the continuing activities of the traitor (there's that word again) speculators or some global event affecting supply? Are we supposed to believe that politicians will reestablish a tax, increasing the price of gas by $0.30 or so a gallon in a day, two months before an election? It is not going to happen. And after the election, it won't happen then either. This will be a long term reduction in revenues at the worst possible time.