Bloomberg Slams Clinton, McCain Gas Tax Plan

NEW YORK — Mayor Michael Bloomberg called a summer-long suspension of the gas tax favored by Democrat Hillary Rodham Clinton and Republican John McCain a dumb idea.

The New York mayor, who flirted with the idea of an independent presidential bid, praised Democrat Barack Obama for opposing the plan to suspend the 18.4 cent federal gas tax and 24.2 cent diesel tax during the peak driving months of the summer.

All three candidates covet Bloomberg's endorsement. The mayor has spoken highly of Obama and McCain in introducing the two at recent events in New York.

Speaking to reporters at City Hall, Bloomberg said of the gas tax holiday, "It's about the dumbest thing I've heard in an awful long time, from an economic point of view. We're trying to discourage people from driving and we're trying to end our energy dependence ... and we're trying to have more money to build infrastructure."

He cited those three reasons for opposing the gas tax holiday favored by McCain and Clinton. Obama has said the savings would not be significant for the average individual, and Bloomberg agreed.

"The 30 bucks is not going to change anybody's lifestyle," he said. "The billions of dollars that we would otherwise have in tax revenues can make a big difference as to what kind of a world we leave our children."

The billionaire mayor said in February that he had decided not to run for president but has dangled the possibility of his endorsement. The Democrat-turned-Republican-turned-independent has ties to all three candidates.

Comments

[cls105]

just endorse obama -probably the 50th person who has said this

[mntnguy]

Everyone! Google Paul vs Clinton and hold on to your shirt with what you read!! I can not believe this is being hidden so well by the media and Clinton supporters claim she has a chance of winning once she is convicted in this case that she is apparently guilty of along with Gov Ed Randell and Former Pres Clinton. This will all be over soon! I know the superdelegates are watching this!

Go Obama 08 Yes We Can!!!!

P.S. If you want to see a video of one of Clinton's top aide in her campaign office called the people of Indiana SHI_! Then check out the video that is what her people really think snakes all of them liers and snakes!!
http://www.youtube.com/watch?v=e-MzByUHIzw&feature=email

[DShawn233]

You are correct!!!! Why isn't the "MSM" covering this? Can you imagine the way that people would react if Obama was involved in a current court action by name?????? It's just like everything else with this election process. This goes way beyond a double standard. The way the media has continued to look the other way when it comes to Clinton or McCain is off the charts.

[garrett12101984]

Email it to the Bloggers at the huffington post. Well Clinton probably said they would sue the msm if they reported on it but still email it to the bloggers

[LOL123]

Gas Tax holday is right in line with the Feds thinking, from a speech in 2002 from Benanke.Fi­scal Policy
Each of the policy options I have discussed so far involves the Fed's acting on its own. In practice, the effectiveness of anti-deflation policy could be significantly enhanced by cooperation between the monetary and fiscal authorities. A broad-based tax cut, for example, accommodated by a program of open-market purchases to alleviate any tendency for interest rates to increase, would almost certainly be an effective stimulant to consumption and hence to prices. Even if households decided not to increase consumption but instead re-balanced their portfolios by using their extra cash to acquire real and financial assets, the resulting increase in asset values would lower the cost of capital and improve the balance sheet positions of potential borrowers. A money-financed tax cut is essentially equivalent

Of course, in lieu of tax cuts or increases in transfers the government could increase spending on current goods and services or even acquire existing real or financial assets. ..
http://federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm

So we save a little on gas tax and spend it in hotels, food ect. or stay home the money goes into the suppliers pockets who ship the goods and transport it around the country by not having to pay gas tax. The truth nothing changes just a gloss coat.

[Albertde]

Feds' thinking = Bush's & McCain's thinking. You have no options; your country is broke. You owe the Chinese over $1 trillion. When they pull the plug, what will you do? China and Japan together are owed 47% of foreign owned US government debt.

Bottom line= you should be raising taxes, not cutting them. And start living within your means.

[BWonka]

Smart man - Clinton would do well to listen to him.

This will save about $30 -$40 for the whole summer. The money that won't go to the repair of all the roads. Were the roads in better shape, we'd get better mileage from our cars. This "savings" that Clinton (and the equally clueless McCain) offer is simple pandering. It does nothing for the long term, doesn't make the oil companies do anything, and will allow the bad roads to further deteriorate.

Two candidates who think we can't see just how much of a nothing this idea is and one candidate who can see the stupidity and uselessness of the idea. Two candidates willing to whore themselves out for your vote, and one with the honesty and foresight to say no.

Thank you Sen. Obama for being honest, unlike the other two.

[browndog2]

So when gas goes up another 18 cents nobody should bitch. Just 40 bucks for the whole summer.It'­s not a monetary fix, but a psychological one.

[magic2]

The gas price will go up after the 18 cents tax cut because the tax cut encourages more driving and gas consumption.

[Earl]

Yeah, the fuel tax is one of the few taxes that are destined for actual domestic use. Save $40 for the summer, hit a pothole that wasn't fixed for lack of funding, and pay $2000 to get your car fixed. Really stupid. Also, the price of fuel wouldn't actually come down, because demand would rise in accordance with the tax reduction. So the oil companies and all those wonderful people around the world who sell them the crude oil would get that money. In short, McCain and Hillary are pandering.

[smurrayesq]

The Obama campaign should run a commercial showing the Minneapolis Minnesota bridge collapse and ask if it is worth $30.00 to keep our roads and bridges safe.

[ckdogs]

The joke is that we won't even save the $30-40! As more people drive, the finite gas supply dwindles, and prices go up to counter increased demand. The American driver does not come out one penny ahead!

[dadw5boys]

They can privatize the roads they can't fox right!!!!!!!!!!!

[DinOhio]

So you want to pay a toll on every highway you drive? You think that will be cheaper than paying a gas tax? Maybe they can outsource the work overseas, huh?

[browndog2]

What? Suspend taxes? Bolderdash!!! Double 'em I say. Bridges might collapse? Did already? I rest my case. Double the taxes.

[mntnguy]

Everyone! Google Paul vs Clinton and hold on to your shirt with what you read!! I can not believe this is being hidden so well by the media and Clinton supporters claim she has a chance of winning once she is convicted in this case that she is apparently guilty of along with Gov Ed Randell and Former Pres Clinton. This will all be over soon! I know the superdelegates are watching this!

Go Obama 08 Yes We Can!!!!

P.S. If you want to see a video of one of Clinton's top aide in her campaign office called the people of Indiana SHI_! Then check out the video that is what her people really think snakes all of them liers and snakes!!
http://www.youtube.com/watch?v=e-MzByUHIzw&feature=email

[Ignorancedestroys]

http://www.youtube.com/watch?v=e-MzByUHIzw&feature=email

Indiana***­*****SHIT!­!!

The lies worked already. I wonder why she is not talking about Magnequench. The wench is now pandering to faux viewers. she can even lick the devil's ass.

[whitegoldwielder]

Yeah, when you think of innovation you think of Bloomberg.

[drzoon]

i do

[popmanifesto]

Can anyone here answer a couple of simple questions? Does this proposal come with ANY mandate that oil companies actually drop the price of gas by 18 cents? I certainly haven't heard of any. And even if it does, what's to stop the oil companies from waiting a short time and then making some excuse (i.e. We're all cleaning our refineries at the same time) to quickly raise the price to what it is now and pocket the 18 cents as profit?

Next obvious question: Why should we, the American people, be asked to give up our federal highway dollars for this 18 cents "drop" while the oil companies are making massive, historic profits? What do these oil companies owe to the U.S.A. for enriching them so mightily? Nothing? Can THEY never be asked to make ANY kind of sacrifice or submit to any price controls? God forbid we should ask them to give up a dime of their gargantuan profits! Let the people eat cake!

No one else seems to be asking these questions.

[ErnestineBass]

A great many of us ask these questions, popmanifesto.

It's the answers "from on high" that are always in short supply.

[ChristianEcon.com]

Power corrupts, is the short answer.

[Siryn]

Two of three are deluded/pandering enough to think that the oil companies won't take a greater share of profit. And Clinton's plan to tax profits is meaningless if the price of gas goes up, which it most certainly will, even without the gas tax. But she's supposed to be the one who relates to the poor, right? They can thank her when she puts construction workers out of jobs and they have to replace their tires.

[Tinkeraw]

The Clinton plan of going after the oil companies has to be voted (and passed) by Congress which of course would not happen and certainly not signed by the president. And besides ... neither Clinton or McCain would be president for this summer at the earliest they could do this is for next summer and who knows where we will be then. One other thing, the refineries have made their allocations for the summer ... all of that is done months ago.

Clinton and McCain are saying whatever they can to get votes. Pandering, plain and simple.

Please American think before voting.

[gotalife]

He should do more research before making a fool of himself.

It is small part of her plan but Obama does nothing because he is bought and paid for by big oil.

He voted for cheney's oil bill but Clinton did not.

[emmav70]

Just when I thought you couldn't get any dumber !

Do you even know what the hell you're talking about ?

I would explain to you why you are so wrong and misled by the Clintons but it's clear you're not very good at details. You are a lost cause , my friend.

[TargetPraticing]

you are consistant fool. does your mother even like you?

[AdLib]

To be posted after each dishonest and inane post of yours (I guess that would be all of them):

goat-life is a dishonest nitwit troll.

[mimundo]

Go take an ECON101 class please before you spew ignorance. Not one non-political economist has supported Clinton and McCain's "gas tax holiday". Bloomberg is correct! It's the dumbest idea from and economic standpoint.

[ErnestineBass]

Umm...WHAa­aaaaaaaaaa­t?

Could you please tell us what "Cheney oil bill", and when it was supposedly passed?

[randyjet]

People who want to know why the price of oil is so high can go to Star-Telegram.com/ed_wallace and look at his article Thank You Bubble Boys. it lays out what is happening. Also, people need to see what a REAL Progressive in the Senate is proposing and that is Sen. Bernie Sanders I-VT. Go to his web site and see his proposals. They also ask for a federal tax holiday as part of the plan. So who is this independent pandering to? He is also on the Energy Committee and knows what he is talking about. He, unlike the experts, does NOT have lots of money invested in oil futures. So he is willing to do what is needed to help out ordinary Americans.

The FACT is that our oil consumption is DOWN 4% from last year, yet prices are going up. The supplies in the world have increased 2.5% while world demand has only gone up 2%. We have an OVERSUPPLY of oil at this time. See any lines at gas stations? Bush lied about Iraq, so why does Obama believe him now and why does he follow? The price of oil goes up and Obama says FINE, we cannot do anything about it.. Sen. Sanders and Clinton say that Bush is LYING and he needs to open the SPR and drop a few million gallons of oil on the market and crash the price speculation which is robbing us blind.

[mntnguy]

Everyone! Google Paul vs Clinton and hold on to your shirt with what you read!! I can not believe this is being hidden so well by the media and Clinton supporters claim she has a chance of winning once she is convicted in this case that she is apparently guilty of along with Gov Ed Randell and Former Pres Clinton. This will all be over soon! I know the superdelegates are watching this!

P.S. all Obama supporter should start talking about this in every post maybe the media will get the idea ! let the truth be told!

Go Obama 08 Yes We Can!!!!

[Earl]

One cannot logically support the government selling off the strategic petroleum reserve and also being prepared for emergencies. For instance, if one has in the past complained about the Katrina response, and now wishes to sell off the SPR, then one either has a poor memory or a disjointed perception of reality.

[bibb]

When the bridges fall down, the tunnels collapse, and the roads become impassable and hopelessly jammed, we will know who to blame. We will have our small relief, but travel will become more dangerous. So far, I haven't heard the media challenge either Clinton or obama with how they plan on finding the money to continue to support improvements to our transportation infrastructure, since they would be taking money away from this fund. Clinton and Obama are only giving us part of the picture.

[browndog2]

The money's there, always has been. The States spend it on other projects. Do some research on your States DOT.

[drzoon]

that is the SECOND dumbest thing i've heard in regards to this whole stupid idea.

[DinOhio]

The money isn't just "there" - it has to come from somewhere, bozo. The gas tax is the source of revenue for federal expenditures on highway repairs. What state spends it on other projects? That's baloney - the money is dedicated to highway use.

[pertello]

Doesn't need to listen to experts...­hmmm. now who does this remind me of? Of Course! George Bush!

[adcatlett]

Bloomberg! A greedy MTHFKR! Greenspan support the Clintons. Bloomberg, how many times has he tried to run? He must've had his figures and beliefs wrong. How much money did he lose over and over. Yeah, I wouldn't listen to him or even think he is an expert. LOL

[randyjet]

Since when do you believe anything Bush says? That is how we got into this mess. It is even worse when Obama goes along with him. Bush LIED about oil demand in the USA. It is DOWN 4% from this time last year. The experts by the way are the ones who have a BIG stake in high oil prices since they are among the oil speculators. There is NO reason that they want anything to be done to hurt their scam. If Clinton and Sanders ever have their way, those experts will take a financial BATH when the futures price comes crashing down if they open the SPR. THAT is why all the experts are against trying to do anything about high oil prices.

[c1ee]

Gosh i think Bloomberg describing Hillary's plan aptly describes your post as well.

"It's about the dumbest thing I've heard in an awful long time, from an economic point of view. We're trying to discourage people from driving and we're trying to end our energy dependence ... and we're trying to have more money to build infrastruc­ture."

[Mchris1947]

The problem is, the majority of voters get caught-up in these "quick fix" gimmie plans far too easily. For example, people are whipped up into a frenzie over the pending tax rebate checks, which will costs us billions of dollars in the long-run (because we have to borrow the money in order to pay the rebates). So in that context, it made sense for Clinton/Mccain to pander to voters by offering yet another temporary feel-good solution with a gas-tax holiday over the summer, just in time for the Party Conventions, which they hope will carry over tothe fall General Election. Clinton-McCain, are hoping that we will all fall for the mis-direction, and cast our votes for the "guy who just slipped me a $20!"

Don't be fooled, we can't afford to mortgage our future for a quick fix, when we actually need to invest more of our tax dollars into permenant solutions.

[CivilDisobedient]

Maybe if we stopped spending 12 BILLION DOLLARS A MONTH in some sand trap in the middle east, we wouldn't have to worry about it.
How is this morgaging our future??? Give me a break.

[pertello]

Remember the 1st Batman movie from 1989? The 1st Joker (Jack Nicholson, who coincidentally is a Hillary supporter) throws money at the crowds in Gotham City to win their popularity.
"And now, folks, it's time for "Who do you trust!" Hubba, hubba, hubba! Money, money, money! Who do you trust? Me? I'm giving away free money."

I wonder if all these politicians have seen that movie?

[mntnguy]

Everyone! Google Paul vs Clinton and hold on to your shirt with what you read!! I can not believe this is being hidden so well by the media and Clinton supporters claim she has a chance of winning once she is convicted in this case that she is apparently guilty of along with Gov Ed Randell and Former Pres Clinton. This will all be over soon! I know the superdelegates are watching this!

P.S. all Obama supporter should start talking about this in every post maybe the media will get the idea ! let the truth be told!

Go Obama 08 Yes We Can!!!!

[AZDemocrat500]

Dumb idea if you are a billionaire. This is a short term policy until a long term policy is implemented. This is precisely what is wrong, everboidy has an (you know what) so nothing ever gets done. Furtermore, he is an Obama supporter, what do we expect.

[Lulu1]

"All three candidates covet Bloomberg's endorsement. The mayor has spoken highly of Obama and McCain in introducing the two at recent events in New York."

He hasn't endorsed anyone.

[MilwaukeeMike]

It's a dumb idea, if you're anybody that actually listens to the reasons it's a dumb idea.

[CivilDisobedient]

Exactly. Obama favors big oil and big government over the little guy.

[WRPrintz]

Wrong. Wrong. Wrong....a­nd one more thing. You are Wrong.

[Myshkin57]

That $30 is going to make a big difference in your life? Then you probably can't afford to have a car at all. Besides,you will wind up spending more money on gas, because when road conditions deteriorate because the tax is lifted, your mileage will go down.

[kesiac]

I think McCain is out of touch and elitist. I think Hillary is just deceptive at best. You dont have to be an economist to figure this out. The gas companies will immediately capitalize on the holiday and raise the price of gas (citing supply and demand). It will be a windfall for them, and no difference for us.

[jimdog1954]

No difference my ass. Billions of dollars in lost tax revenue, billions of dollars in extra profit for the oil pigs, and no incentive to conserve on the part of the people. LOSE - LOSE - LOSE.

[Lulu1]

2 words: PRICE FREEZE

[combatveteran]

Is that referring to a freeze in what we pay for it/

[Lulu1]

Yes. If there's a price freeze, the oil companies still make obscene profits, the tax dollars still pour into the coffers, and We The People don't get screwed any more than we are now.

[olivia]

Now you are talking, but Hillary would ever do that to Big Oil.

[Lulu1]

I've heard no one talking about a freeze on current prices at the pump, but I think it's the best solution for everyone.

[Exit]

Obama has had a lot of positive news. Too bad everyone just cares about Wright. Karl Rove politics will kill this country.

[olivia]

What does Reverend Wright have to do with Obama? I heard Obama is a Muslim.

[jdizl]

HM, DO MUSLIMS HAVE REVERENDS?

-TROLL ALERT!

[Kalima]

Yes, Hillary told us that, so it must be true,as far as we know.

[xmw]

GET YOUR HEARING CHECKED. YOU KNOW HE'S NOT. YOU JUST WANT TO SPEAD HATE. OR DOD YOU JUST NEED A PERMISSION SLIP NOT TO VOTE FOR HIM LIKE THE REST OF THE IDIOTS PERPETUATING THAT LIE.

[ShiyinGuan]

Wow, some people wouldn't know sarcasm if it gunned them down in a hail of sniper fire.

[drzoon]

what are you doing on the HUFPOST Hilary? don't you have enough to do... pumping gas in fake trucks and such?

let us little people duke it out on here while you iron your pantsuit!