John McCain had the idea first.
Then Hilary Clinton said "Me, too."
But they're both wrong.
I'm talking about the proposal for a federal gas tax "holiday" this summer. It's a horrible idea that just panders to ignorant voters, and would do a lot of harm while fixing nothing.
No respected economist is backing this idea. That's because lowering the price of gas will increase the demand. That is the last thing we need, since it'll cause oil companies to raise their prices even higher than the18 cents per gallon we now pay in tax for unleaded.
Meanwhile, at a time when U.S. highways and bridges are desperately in need of repairs or replacement, a suspension of the gasoline tax would divert about $30 billion from that vital task.
If anything, the gas tax should be raised. Since that would reduce demand, it might have a chance of driving prices down.
Barack Obama at least has the guts to stand up and say he won't support such a ridiculous notion. I don't endorse candidates, and I'm not endorsing him. But it is refreshing to finally hear a politician tell people what they need to hear instead of what he thinks will get him votes.
What do you think? Call and let us know.
I'm Bill Lamb, and that's my...Point of View.