ROFLMAO! Economically Illiterate Palin strikes again!

Any and all so called “Stimulus” Spending will do absolutely nothing to “fix” the economy. The government has no wealth to stimulate anything. They will either have to borrow money thus robbing capital from the private sector, print it which will cause massive inflation or raise taxes. All of which will hurt the economy. The fact that economic illiterates such as Palin think otherwise does not change reality. Her blatant attempt to take both sides of the issues proves once and for all she is an economic illiterate. Stimulus spending did not work in the 30s, it did not work for Japan in the 90s and it did not work when Bush tried it last year. Only reducing the size of government, reducing taxes and removing regulations can truly stimulate the economy.

Keynesian Economics Is Wrong: Bigger Goverment Is Not Stimulus (Video) (Daniel J. Mitchell, Ph.D. Economics)

Over 300 Economists Oppose the Stimulus Package (Cato Institute)

There Is No Santa: The Stimulus Spending Ruse (Walter Williams, Ph.D. Professor of Economics)

Her support of TARP is just as bad, TARP didn’t save anything, it merely delayed the inevitable by punishing the tax payer. ROFLMAO!

Poptech on February 2, 2009 at 1:42 AM

However Sarah Palin continues the old canard that we are dependent on Middle East oil “Simultaneously sending huge amounts of money overseas to OPEC countries for oil that could be produced domestically.” when the reality is that the major suppliers of crude oil to the USA are Canada,Mexico (both members of NAFTA), Saudi Arabia(in a JV partnership with Shell USA), Venezuela(owner of CITGO) and Nigeria in that order.

Patrick49 on February 2, 2009 at 7:25 AM

Agreed. She pushes the Energy Independence Myth with no understanding of where our energy comes from:

- Only 16% of U.S. oil imports come from the Middle East (EIA)
- The largest supplier of oil to the U.S. is Canada (EIA)
- The second largest supplier of oil to the U.S. is Mexico (EIA)

Myths About Breaking Our Foreign Oil Habit (The Washington Post)
The Idiocy of Energy Independence (John Stossel, ABC News)

I have no problem drilling in Alaska but Alaskan Oil is not going to replace Saudi Arabia:

- 32 Billion barrels of oil are estimated in ANWR, NPRA and the Central North Slope in Alaska (USGS)
- 260 Billion barrels of oil are estimated in Saudi Arabia (EIA)

Poptech on February 2, 2009 at 7:50 AM

Well isn’t it the opposite , if the import from the middle east is so small , you CAN replace it with domestic production. Either or .

And most non middle east sources are losing production.

And even if it’s just a part of the import , it’s still a HUGE amount of money that flows out.

Why not create jobs and value in US , or do the leftist want to outsource ?
Buy American , Oil.

the_nile on February 2, 2009 at 7:58 AM

Because you cannot replace it with domestic production at the same cost unless you want to pay a lot more for gas. In a free market, the most efficient and cost effective source is where you get your product, for light crude no one can replace Saudi Arabia. A government mandate to buy only American would cost jobs by making energy more expensive.

Poptech on February 2, 2009 at 8:02 AM

Getting more independent is good enough as a start.
You’re running a a straw man shop.

the_nile on February 2, 2009 at 8:52 AM

You’re running a lack of brain power. The U.S does not have enough reserves of light crude that can be tapped to replace Saudi Arabia. Do you not comprehend?

But you conveniently ignore what is going on, that is economic illiterate politicians like Palin push propaganda about “energy independence”. The moronic “drill, drill, drill” is repeated as if this is obtainable if only we drilled more. I am all for drilling but I also understand what the current and potential supplies of oil exist in the world. People like you cannot do basic math.

Poptech on February 2, 2009 at 9:47 AM

Poopy , is it impossible to build new refineries enabling the use of other sources of oil , to decrease dependence on middle east oil to increase national and global security.

Back to your shop , there’s more strawmen to be made.

the_nile on February 2, 2009 at 9:58 AM

Are you really this ignorant? Do you not comprehend that all sourced of oil beyond light crude cost more money to extract from the ground? Refining them is irrelevant to this simple fact. You can build as many refineries as you want, refining light crude will always cost less because it costs less to get out of the ground. Your lack of brain power is astounding.

You still fail to comprehend costs. What are you going to replace Saudi Arabia’s massive supplies of light crude with? Your imagination is not an answer.

Poptech on February 2, 2009 at 10:44 AM

first you did tell us that the import of oil is only to a small part from middle east. So you don’t need to replace “their massive supplies”.

Energy Independence is part of national security , it’s like the military , it’s worth the money.
So if heavy crude cost a bit more to process. It’s not that bad if the money ends up locally , instead of in the hands of the “landing planes in buildings” people.

Yo, back to knitting your strawmen.

the_nile on February 2, 2009 at 10:53 AM

We only import 14% from the middle east. There are NO domestic sources of light crude that can replace that 14%. Drill EVERY hole you want and you will still come up far short. DO YOU NOT COMPREHEND THIS?

Energy Independence is a Myth spread by economic illiterates like yourself. We are already “energy indepedent” on electrical generation via Coal. But there is nothing that can replace oil as a transportation fuel and we need worldwide sources of oil, that means Saudi Arabia.

You think it is worth the money to see oil prices shoot up past $10 a gallon? Then please by all means stop buying Saudi oil.

Your astronomical stupidity thinking that if we don’t buy oil from the market, certain countries will not get money. Are you really this much of a moron? If we don’t buy it there are PLENTY of other countries that will, especially China. You are not stopping anything except punishing yourself.

You keep repeating the word strawman, yet you don’t have the remote brain power to even understand what it means. You are an intellectual lightweight who repeats idealistic ignorant positions spread by economic illiterates.

Poptech on February 2, 2009 at 11:46 AM

Ok you complain that the domestic oil isn’t sweet crude so it needs other refinerys.

The obvious solution is , drill domestic build new refinery domestic. As i’ve told you ,poopy.ceep the money out of reach from al-qaida and friends.
But you just don’t want to accept that .

And by STRAWMAN fallacy you desperately avoiding the logic behind a more independent energy policy.

the_nile on February 2, 2009 at 12:01 PM

No I said that we do not have the light crude to replace Saudi Arabias’, building refineries is irrelevant as all other sources of oil cost MORE MONEY to extract from the ground BEFORE you refine it. The obvious solution is for you to perform a labotomy on yourself.

Your stupidity is mind boggling. If we don’t buy the oil on the open market, someone else will. Thus those countries will still get MONEY.

So, apparently you have issues with religion?

cs89 on February 2, 2009 at 12:18 PM

I have issues with people who do not understand the separation of church and state.

The US Interior Department’s Minerals Management Service (MMS) has proposed leasing areas offshore Virginia, the Gulf of Mexico, and Alaska for energy development. In its recent 5-year leasing proposal, MMS estimates undiscovered resources to include 85.9 billion barrels of oil and 419.9 trillion cubic feet of natural gas technically recoverable from all federal offshore areas.

Oil prices will go back up. We should be committed to a workable energy plan including fuel independence right now.

This is fine, the OCS should be open to drilling but it is not going to make us energy independent.

As a corollary, we only have a couple of more years to start a new Bronx Project that will allocate at least $150 billion per year for energy research in all areas. Otherwise the American economy will be devastated.

chunderroad on February 2, 2009 at 3:58 PM

You people obviously don’t understand economics or history:

Remember the Synthetic Fuels Corporation? (The Heritage Foundation)
Exxon chief dispels myth of energy independence in US (Taipei Times)

Poptech on February 3, 2009 at 7:16 AM

cs89 on February 3, 2009 at 9:56 AM

Under the constitution I have the right to not have my government preach to me. Now I know this is hard for some people to accept but that is the reality. Religion has no place in government.

Poptech on February 3, 2009 at 11:41 AM