Ok, here's something that struck me while reading the article. Somehow money diverted to gasoline purchases is considered a hidden tax that reduces other consumer spending. Why is an appreciating price for energy different than consumers spending the money on any other consumable??
We don't manufacture much consumer consumables in this country anymore. We import and add a markup. Why is energy different? We import about 50% but the first 50% is produced in the US, valued added by refining, transported by US companies, delivered to US corporate stations and purchased by US consumers. All the production wages, transportation wages, refinery wages, construction industry wages, service station retail help wages, oil company administrative staff, delivery company staff,etc are added and earned and spent here in the US. How is that a hidden tax???
The remaining 50% is imported as crude but all the remaining value added processes contribute to the US economy.
How is that different than Joe Lunchbucket buying ANYTHING from Walmart. What's the chances Walmart made it in the US??? 10%??? Walmart adds a margin and sells it. What is different about that transaction that is somehow better for the overall economy than buying gasoline for your car??
Bobwins
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