Obamessiah Announces Robin Hood Stimulus Plan

If the Republicans are smart they'll immediately tag this the "Barack Obama-Robin Hood Stimulus Plan". Take from the rich and give to everybody, regardless of need:

Sen. Barack Obama (D-Ill.) on Friday announced an “Emergency Economic Plan” that would give families a stimulus check of $1,000 each, funded in part by what his presidential campaign calls “windfall profits from Big Oil.” ...

The first part of Obama’s plan is an emergency energy rebate ($500 to individual workers, $1,000 to families) as soon as this fall.

“This rebate will be enough to offset the increased cost of gas for a working family over the next four months,” Obama said. “Or, if you live in a state where it gets very cold in the winter, it will be enough to cover the entire increase in your heating bills. Or you could use the rebate for any of your other bills or even to pay down debt

Separately, Obama’s plan includes a $50 billion stimulus package that his campaign claims would save more than 1 million jobs.

Half of the money would go to state governments, which are facing big budget shortfalls, and half would be used for national infrastructure, including replenishing the Highway Trust Fund, rebuilding roads and bridges, and repairing schools.

First, someone needs to explain the definition of "windfall profits" to the Obamessiah. Profits obtain in the normal course of business are not "windfall profits". You could better describe the funds that would be going to families as "windfall profits" than the money that oil companies are making in the course of their daily business.

Secondly, the percentage of oil company revenue that is profit hasn't changed. They make roughly the same percentage of profit as they have for years. Higher prices have resulted in increased revenue and thus increased profits (it's math that even the Obamessiah could understand), but oil companies don't set the world oil prices. They're just another consumer of oil products who then refine and distribute the product. Obama wants to take all the incentive away from oil companies to make profits, much of which is plowed back into new exploration and technology. Another chunk of those profits goes into dividends for shareholders; individuals, mutual funds, and other instruments held by millions of Americans. He won't be taking profits away from the oil companies, he'll be taking them away from retirement plans and individual investment portfolios that reap the dividends.

As long as Republicans still have as many Senate seats as they do, this plan is dead on arrival.