Harry Reid (D-Senility) has determined that increasing oil-company expenses will drive down the price of gasoline. (I just report the news, folks....)
So the Institute for Energy Research had a bright idea!
With gold prices reaching record heights in April, gold mining companies are reporting huge profits. 79 percent of all gold mined in the U.S. comes from Nevada, where the state's senior senator, Harry Reid, is a stalwart defender of the industry. But with the soaring price of gold, the U.S. government still allows the gold mining industry to take advantage of deductions in the tax code. These subsidies must end.
"... Washington must also do something about soaring gold prices. With gold prices at new heights, mining companies must be punished for making record profits. Senator Reid must apply his flawless logic to the gold industry: he must strip the gold mining industry of their ability to deduct expenses from their taxable income. Then, as he says will happen with gas prices, gold prices will necessarily fall.
In a few days, Interior will ban gold-mining in the continental US, which is also guaran-damn-teed to reduce gold prices. As a side benefit, it will make Glenn Beck a poor man.
HT: PowerLIne
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3 comments:
Wait a minute. How will reducing supply also reduce price? Scarcer means more expensive, right?
Scarcer means more expensive, right?
Silly you. Obama's administration is reducing supply or petroleum and they expect that move will reduce prices.
You don't understand, do you?
Oh. You were being sarcastic. Didn't catch it.
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