McCain economics, part deux

Others (sorry, I can't now find the sources) suggest a couple of other reasons McCain's "gas tax holiday" is maybe not such a great idea.

1. The oil companies claim to be operating at full refining capacity. So? So, whatever reduction in fuel prices is likely to be off-set by increase in price oil companies choose to charge. This is the miraculous market at work! All the "gas tax holiday" will accomplish is to transfer wealth from us (the consumers) to Big Oil. Great idea.

2. Once on "holiday", the gas tax'll be devilishly difficult to reinstate. Republicans will chant in unison: "The Democrats are increasing your taxes again!" No matter that McCain's proposal is a term-limited holiday. Once it's gone, who's gonna bring it back?

"He's gone, he's gone
Nothin's gonna bring him back
He's gone."
[The Grateful Dead, He's Gone]

Peace!