Hillary Clinton keeps advocating a “gas tax holiday” paid for by “big oil companies” out of their “record profits." Excuse me, Senator, but you have it all wrong in saying we need to "take on" those companies. The nation’s problem is not Big Oil and its alleged record profits, but lack of supply. But when you have outfits like the Sierra Club opposing any kind of drilling at the top of their lungs and with huge propaganda budgets, we wind up with a policy of NDAAAT or "Endat" -- No Drilling Anywhere At Any Time. More supply would bring down profits and prices as a matter of course, but the progressives will have none of it.
But let's look at the root belief behind Clinton's self-defeating policy recommendations. The left-wing progressives have what can only be considered an “agrarian view” of wealth. Like farmland, as they see it, wealth is fixed and indestructible. The crops grow and produce income, which also is fixed, and can be taken for granted. Therefore, the grand task is to redistribute the income and “eliminate poverty." What person of good will would not want to confiscate the farm land from the greedy parasitic land owners who do nothing but ride around in their carriages and cane their tenant farmers?
Trouble is, this was not even a good theory when it was formulated by Karl Marx in 1848; it certainly doesn’t fit an information age economy of the 21st Century.
These days, free markets can create wealth that expands or contracts with confidence or lack of confidence. Take Microsoft for example. When Bill Gates took Microsoft public, his founders stock suddenly made him a wealthy man! But the progressives believe in the Labor Value Theory which states that all wealth is the product of someone’s labor (such as planting and harvesting the crops in the 1848 model). Therefore, profits and wealth can only be exploitation of someone else, and are therefore bad. Therefore, Bill Gates’s wealth is something he should be ashamed of.
This is of course utter nonsense. The wealth creation, jobs, and supporting industries created by Microsoft are a great source of well being for our society as a whole! But the progressives, stuck in the 1840’s, don’t get it! They would like to kill Bill Gates and confiscate his wealth and redistribute it.
Okay, say we do this. Bill Gates is arrested and shot, and the Government announces it will now confiscate every share of Microsoft! What happens to the market price for MSFT? It will go to zero! So the government now has all the outstanding shares of Microsoft, ( 1 or 2 billion?). It redistributes those to every citizen in the country. Now everyone has 10 shares of Microsoft, but they are worthless, good for only toilet paper! Microsoft and the jobs and supporting industries all collapse and the economy contracts! But you can count on the progressives to blame everyone but themselves for the economic malaise.
Too bad the Democrats have put up Marxist lawyers as candidates instead of those who understand how a modern economy works.