Some Californians Are Paying $5 For A Gallon Of Gas, Which Could Mean Trouble For 2020 Democrats

By Audrey Conklin – Re-Blogged From The Daily Caller

Energy

Some Californians Are Paying $5 For A Gallon Of Gas, Which Could Mean Trouble For 2020 Democrats, Candidate Says

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  • Gas prices in California have soared to $5 in some areas, according to the Oil Price Information Service.
  • Republican candidate for California’s 50th Congressional District Carl DeMaio told the Daily Caller News Foundation that the price increase is due to “taxes, mandates and regulations” imposed by Democrats.
  • DeMaio added the burden of expensive fuel will “absolutely” have an impact on the next elections.

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A Wealth Tax Consumes Capital

By Keith Weiner – Re-Blogged From Gold Eagle

It seems one cannot make a name for one’s self on the Left, unless one has a proposal to tax wealth. Academics like Tomas Piketty have proposed it. And now the Democratic candidates for president in the US propose it too, while Jeremy Corbyn proposes it in the UK. Venezuela finally added a wealth tax in July.

A Wealth Tax

So how does a wealth tax work? The politicians quibble among themselves, as if the little implementation details that differ between them are important. But they share the key idea. The wealth taxman is to go to the people who have wealth, and take some. And next year, come back and take more. And so on.

It should be obvious that this is morally wrong. But we want to focus on the economics. To do that, we need to drill down into the nature of wealth. What is wealth?

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Weekly Climate and Energy News Roundup #370

The Week That Was: August 3, 2019, Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week: “Do you know what we call opinion in the absence of evidence? We call it prejudice.”— Michael Crichton [H/t William Readdy]

Number of the Week: 1998 and 2016

Confusing Planet: Our planet is a complex place, no doubt confusing global warming headline seekers. About 71%of the surface is water (ocean), 29% is land. Water warms and cools far more slowly than land. Complicating matters further, the dominant greenhouse gas is water vapor, slowing the nighttime cooling of water and land masses even further, where it is present.

Making matters even more complex is that about 81% of the Southern hemisphere is water and 19% is land. For the Northern Hemisphere, about 61% is water and 39% is land. Land area varies by latitude. About 68% of the land is in the Northern Hemisphere, only 32% in the Southern Hemisphere. By latitude, the highest percentage of land area is between 30 degrees North and 60 degrees North. [The distribution of land areas has changed significantly over the past 750 million years, making any paleo-earth studies of the greenhouse effect of carbon dioxide on temperatures difficult. One cannot assume the ocean currents were the same as today.]

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Federal Debt Ceiling Reached As Federal Spending Rages

By Clint Siegner – Re-Blogged From Gold Eagle

The federal government will soon run up against its self-imposed borrowing cap once again.

Current estimates are for the government to max out its credit limit at a little over $22 trillion in early September. Congress goes on recess in August, so there is some pressure to address the cap right now.

Treasury Secretary Steve Mnuchin has been fulfilling what seems to be the most sacred responsibility of his position: borrowing money. It’s one that each of his predecessors has also undertaken, without fail and without regard to party affiliation, in recent decades.

He is solemnly arguing why it would be wholly irresponsible for Congress not to approve another massive increase in what the Treasury can borrow.

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It’s Been A Great Recession For A Few

By David Haggith – Re-Blogged From Silver Phoenix

This month the economic expansion brought to you by your Federal Reserve and by US government largess becomes the longest expansion in the history of the United States! That’s something, right? Something? Let’s take an honest look at what we now call great.

By “the longest expansion” we mean the longest period in which US GDP has been growing without a recession. Now, that’s something to crow about, right?

Not so fast for many reasons. It’s also been the most anemic expansion on the books, and it’s not too hard to see why it’s been the longest, having nothing at all to do with a great economy. It has cost us far more than any expansion (by an order of magnitude) because we’ve piled up ten times the national debt over any amount we accumulated during previous expansions. (I’ve said before, it’s easy to let the “good times” roll when you are buying it all on the company credit card.) We also quadrupled the size of the Fed’s balance sheet. That didn’t cost anything, but we sure didn’t get much bang for the buck! We actually got less bang than in any previous expansion!

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Illinois Could Raise EV Registration Fee To $1,000, Hike Gas Tax

A bill at the Illinois legislature proposes to raise the annual registration fee for electric vehicles (EV) from US$17.50 to US$1,000 and to more than double the gas tax from 19 cents to 44 cents per gallon, under a plan to fund infrastructure advanced by Democrat State Senator Martin Sandoval.

According to the bill, introduced at the Illinois General Assembly, owners of fully electric vehicles “shall register the vehicle for a fee of $1,000 for a one-year registration period,” under the proposal that strikes out the current “In no event may the registration fee for electric vehicles exceed $18 per registration year.”

The bill also proposes to increase significantly the gas tax in the state, as well as the license fees.

EV charger

Magic Money Tree Economics

By GE Christenson – Re-Blogged From Silver Phoenix

Our Current Financial Circumstances

  1. The U.S. is $22 trillion in debt and burdened with $100 – $200 trillion more in unfunded liabilities. Just to pay the interest the U.S. must borrow. Debt is rapidly rising and cannot be paid unless “they” default or hyper-inflate the dollar.
  2. Chairman Jerome Powell stated, “The U.S. federal government is on an unsustainable path.” Even the Fed admits what everyone should realize.
  3. Global debt is $250 trillion. Some countries have descended farther down the debt-paved road to economic hell than the U.S.
  4. Pensions are under-funded, student debt is a disaster, the main street economy is weak, real estate prices and sales are falling, retail sales are down, real wages have been stagnant since the 1970s, and no credible plan exists to fix debt, deficits or devaluations.
  5. The political and financial elite profit from wars, inflation, devaluation, strip-mining assets, and income inequality.
  6. It’s an ugly picture with no easy answers. But debt, deficits and QE levitated stock markets to all-time highs.

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