Republicans befuddled by Obama

[Jangle]

By Paul Waldman January 19 at 9:02 AM
Even President Obama’s most fervent opponents must acknowledge that he’s getting quite good at putting them on the defensive. Facing a Republican Congress and with only two years remaining in his presidency, he seems to come up with a new idea every couple of weeks to drive them up a wall. So he certainly wasn’t going to let the State of the Union address go by without using the opportunity — days of pre- and post-speech commentary, plus an audience in the tens of millions — to its utmost.

At Tuesday’s speech, Obama will announce a series of proposals meant to aid middle class and poor Americans and address inequality, most particularly an increase in the child care credit and a $500 tax credit for working couples (here’s the White House’s fact sheet on the proposals). To pay for it, investment and inheritance taxes on the wealthy would be increased and some loopholes that small numbers of the super-rich (like one Willard Romney) exploit will be closed. While the SOTU is often the occasion for dramatic announcements that are soon forgotten, this one lands in the center a debate that is looking like it will shape the upcoming presidential race. Naturally, Republicans are not pleased.
http://www.washingtonpost.com/blogs/...e-class-taxes/

[HL]

Good article!

It is painful to watch FOX News casters twist themselves into knots--trying to distance Obama from the US economic success.

Looking forward to Tuesdays SOTU address. It's going to be really interesting.

[Jangle]

HL I was in NJ over the weekend and filled up my gas tank......wait for it.....$24!!! I was delirious. $1.79/gallon. Tomorrow, the President will lay out the Democratic re-election plan.

[HL]

I recall when I lived in NJ, I was ticked off when i spent over $18.00 to fill my tank. That was back in the early to mid 2000's. But at a Buck/79...this is outstanding!!!!

In my neighborhood, it is running at $1.94 (lowest price).

[Karl]

Where is Islandman when you need him?

[Tilla]

Fill up the other day for $1.55/gal. Prices have since tending to be going up again with prices from the $1.60 to $1.75 most places. Hope to see it continue its downward triend.

[Islandman]

I have said a number of complimentary things about Obama recently, maybe you missed them.

As for gas prices specifically, well we all know that is less about his economic policies and more about the world energy markets, but since he would most certainly be blamed unfairly if gas prices were going up for reasons out of his control, I have no real problem with him getting some of the credit when the prices are going down.

[Gamma]

curous though, why are the prices going down? anyone?

also it true that in recent years america's oil production has increased significantly?

would investments into R&D as well as the implementation of alternative energy source technology affect the price of oil and if so, what are the medium to long term prospects of oil going all the way back up?

genuininely curious for perspectives, comments ... thoughts...

[Jangle]

Gamma dem questions deh too deep for the Repugs. Memba seh Obama had the car companies agree to increasing the fuel efficiency of their cars before he gave them the bail-out money. I remember when a new only did about 27 miles per gallon, now it's much higher. Remember the big hullabaloo about the $100m that was given to the failed "green" company. Now a million and one solar panel companies and other energy efficient companies are popping up all over the country. I guess this new thrust towards enrgy efficiency has no effect on oil demand and prices.

[Islandman]

Yes American and Canadian oil production , and more generally production worldwide, has increased significantly since the development of "fracking" technology and the discovery of vast amounts of shale gas deposits which would not have been commercially viable to extract before fracking.

In the past when there was an oil glut OPEC would reduce production to manipulate the price back up, but they realise that this is not a short term glut but a longer term increase in global production. Hence they have decided that it is best to keep producing since they can get their oil much cheaper than everybody else and can drive the producers who depend on $70+ a barrell oil out of the business.

Alternative energy sources for the most part are still relatively expensive. However it is cleaner, more abundant and benefits from govt subsidies in many countries. That is a longer term solution to global energy problems but is not a major factor in the price of oil being where it is today.

Short to medium term and absent any major global unrest, I think oil prices will stay below $70. Longer term is anybodys guess. I do think that at some point, if the R&D continues, a major alternative energy breakthrough will come that will see much cheaper energy being produced from those sources and fossil fuel producers will be less and less able to control the market.

[HL]

....plus the legislation Obama passed on oil speculators IMO also helped in lowering domestic prices.....

[Karl]

I have said a number of complimentary things about Obama recently, maybe you missed them.

Pulling your legs!

As for gas prices specifically, well we all know that is less about his economic policies and more about the world energy markets...

Debatable! ...he has done much that has led to increased production at home. ...and increased production has led to the USA being leading world producer and contributed to lowering of demand for foreign oil - (less dependence on foreign oil/forcing 'foreign oil' to lower prices as it seeks markets to make up short fall on demand) - and consequent slump in world market prices.

http://www.wsj.com/articles/SB100014...94640433671636

As usual President Obama took/takes the sensible path!!!

...but since he would most certainly be blamed unfairly if gas prices were going up for reasons out of his control, I have no real problem with him getting some of the credit when the prices are going down.

Agreed on that!

[Islandman]

Yes , it is the increased US production of oil that has made the difference in world markets. It is one global market: the US is importing much less these days and hence there is more on the market for the rest of the world. Fracking and discovery of massive shale oil deposits are the primary reason for this.

Obama certainly has done the right thing in not supporting policies that would put an end to fracking. He has come under pressure to do this because many on the left think fracking is very harmful to the environment. In that respect he does deserve credit for not standing in its way. However the development of fracking technology and the continuing discovery of shale deposits is mostly independent of any government administration.

[Gamma]

remember how yuh used to cuss him stink?!!

[Assasin]

The production in US, Russia and Brazil has gone up and OPEC will not cut supply, they want to force some people out of business.

Also the demand for oil is dropping at the moment as Europe is in recession, China is not as hot as it was a few years ago. Interesting times.

http://www.economist.com/blogs/econo...ist-explains-4