Monday, April 24, 2006

Gas Pump Politicians

I just love this post on Right Wing News today about politicians who are frothing at the mouth over oil company profits and executives' salaries.

Listening to politicians in Washington complain about how much money a corporation like Exxon makes is like an enormous, bloated tick complaining that the Cocker Spaniel it's attached to is using too much blood. The truth is that if you add in the state gas tax, the Federal gas tax, and the enormous taxes Exxon and its employees pay out, you'll find out that the government drives up the cost of gas far more than any profits Exxon takes, even at $3.00 a gallon plus.

Yet, they're mad that Lee Raymond is making "too much money." Because I'm not running for anything, I can tell you the unvarnished truth, which is that Lee Raymond is probably UNDERPAID. The guy has been the chief executive of Exxon for 12 years and just last year they made a $36 billion dollar profit (which incidentally, is only a 9.7% profit). Considering how much money he has helped them make over the years, if they paid Raymond a billion dollars, it wouldn't be too much.

See, you're not supposed to say that though. Nobody likes oil companies. Nobody likes rich people. People are mad about how much they're paying at the pump. But look, folks, we live in a world where Derek Jeter can get paid $189 million dollars to play baseball for 10 years and top Hollywood actors can make $20 million plus per film. So, why shouldn't Raymond be able to make a bundle for running a company the size of Exxon? Just because it turned out that gas prices were extremely high when he retired? Please!
It really does get down to basics, and Republicans like Dennis Hastert need to embrace free-market economics (like they have said they do) or they need to support market controls like the socialists.

You either have a economic philosophy or you don't. It sounds like Hastert does not.

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