The liberal mindset hits reality again

There are two constants in dealing with the liberal or socialist mindset: 1) they can never admit a mistake, always blaming it on others; and 2) regardless of the situation, they can ignore historical facts or the tenets of economics and achieve what others have not. A case in point: In the United Kingdom the government has been faced with rising gasoline prices and a considerable amount of discontent among the public over the high costs.  [For the record gasoline cost around US$9.30 per US gallon and taxes account for nearly 65% of the price or US$6.00]  So what was the proposed solution?  George Osborne, the Chancellor of the Exchequer [akin to a more powerful Secretary of the Treasury] imposed a windfall profit tax on energy, pushing up the levy paid on North Sea oil and gas companies from 20 to 32%.  The proceeds which were supposed to generate the equivalent of US$3.0 Billion were earmarked to reduce the gasoline taxes paid at the pump thus heading off the...(Read Full Post)