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Letters to the Editor

Economic spin

August 7, 2008

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To the editor:

Exxon Mobil announced recently that it had recorded over $11 billion in profit. This is an all-time record profit for any U.S. company! The Exxon Mobile CEO makes $21 million a year. We pay for this every time we fill up. John McCain now has a TV ad out blaming Obama for big oil profits. That's putting more "spin" on the issue than a Kansas tornado!

Bush will leave office with a $500 billion deficit for you and me (and our grandkids) to pay for. So much for the Republicans' rhetoric of "saving" us taxpayers money. If all it takes to run a country is to charge up a gigantic credit card bill for others to pay, then sign me up. I think I can handle that kind of budgeting. Wish I could run my household that way.

Steven Paster,

Eudora

Comments

tangential_reasoners_anonymous 6 years, 4 months ago

"The Exxon Mobile CEO makes $21 million a year."Obscene.

Richard Heckler 6 years, 4 months ago

Our federal and local governments are neither fiscally nor socially responsible.

Brent Garner 6 years, 4 months ago

While not defending the huge compensation of CEOs (not just ExxonMobile but others as well) could we consider the following when it comes to profits. Profits come from sales! More specifically they come from the difference between what you paid to make a product and what you sold it for. Now, we are told almost daily how world wide demand for petroleum products--gasoline, diesel, heating oil, lubricants, plastics, artificial fibers, etc.,--are on the rise. If one makes a product that is in increasing demand, shouldn't one naturally expect profits to rise as one sells more of the product one makes?

not_dolph 6 years, 4 months ago

Is Metta just a new identity for Cool / Spiderman? You be the judge. Multiple posts. Youtube links. OCD. See - http://www2.ljworld.com/news/2008/jul/31/firm_pays_fine_lack_certificate/#comments

JHOK32 6 years, 4 months ago

The way we have allowed Bush & Big Oil to financially rape this country (our country, not theirs) is obscene. At least Obama will return $1000 of that big oil profit to the average families that big oil robbed it from.......Go Robin Hood! You've got my vote!

Left_handed 6 years, 4 months ago

The record deficit is the fault of the Democratically controlled congress. The one Obama is a member of.

kansas778 6 years, 4 months ago

The record deficit is the fault of the replicrat parties who have never met a spending bill they didn't like. Both parties use power to try and buy votes. We should support a balanced budget amendment, and reduce the deficit not by increasing taxes, but by decreasing spending.

Mkh 6 years, 4 months ago

Both parties are to blame certainly, but more importantly the way the entire financial structure has been set up is at fault. Specifically the two main events that caused this problem was the establishment of a private central bank to control monetary supply (the Federal Reserve) in 1913; and of course the move to completly take the American dollar off the gold standard in 1971. These events are what directly led to the rapid expansion of /credit/debt that this nation has been accumulating. The idea that Obama or McCain will return any money to the working class is crazy and frankly dangerous. Obama is not going to send you $1000 without having his banking bosses creating it out of thin air, which will devalue not only that fraudulant stimulus check, but your entire savings as well. Obama's and McCain's plans are to only further send the country into deficit spending. According to the GAO's own report the US Government already has $53 TRILLION in unfunded entitlement programs. That means the government is insolvant, and no amount of taxation or profit sharing can fix that hole. Any program that you hear McBama promising you is simply pouding another nail in the coffin of your children's future.

BigPrune 6 years, 4 months ago

Do you actually think the American people will receive money from the oil companies if Obama gets to punish the oil companies by taxing them? The Federal govt gets more money from gas sales in the form of taxes than the oil companies get in profits.

JHOK32 6 years, 4 months ago

Mkh: I know that the country is Trillions of dollars in debt....many of our biggest companies are now foreign owned (Budweiser being the latest victim). However, don't you think that Clinton at least made an effort to address this issue? At least he left Bush with a fiscal budget surplus (which has now been totally destroyed). What are your thoughts on this? Don't you think that Obama has a reasonable plan to return us a rebate on the record $11 Billion dollar profits that Bush's buddies in big oil have screwed us out of? Thanks.

camper 6 years, 4 months ago

Running small defecits is generally not a bad thing if they:1) Are not indicative of a trend2) Are used to offset extraordinary events like natural disasters or to minimize natural dowturns in the economy.However, I think defecits are alarming if:1) The interest paid on the debt becomes an increasing part of annual expenditures.2) The debt will be burdensome on future generations.3) Foreign owned debt (then it is no longer a Peter paying Paul matter, monies are now being exported).If our debt is becoming more of the latter example, I think we should be concerned. I have wondered why the US cannot get on a system where current year tax revenues are placed in a fund and then become the basis and source for the succeding year's budget and spending. This would be more like a zero based budget. This type of budget may come with some shortfalls though, and I don't know if it could be implemented. I'm thinking aloud here.

JHOK32 6 years, 4 months ago

Yes....it's called a windfall profits tax. What we've been hearing the past few year's has been a giant vacuum sound.....sucking money out of our billfolds (to the tune of billions of dollars) into the billfolds of billionaire big oil men. I for one would like to get a little of my money back. A $1000 isn't much, but it will help millions of hard working Americans. It's very simple....do you want to donate to big oil, or do you want the cash in your pocket? It takes me about a microsecond to figure that one out! I don't mind oil companies making profits, but the highest record profits of any U.S. company in the history of the world? Give me a break! Why don't we take that money & build a light rail between Lawrence and KC? That would make too much sense, besides, the big oil lobby would never allow it.

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