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Lower gas prices vital for families, U.S. trade

Even though gas prices are increasing for the summer driving season, some politicians and big government advocates continue to allege that lower gas prices are a bad thing. Many elected officials are trying to capitalize on the reduced prices by raising fuel taxes.

The voters disagree. One example was Michigan’s Proposition 1, which was soundly defeated on May 5. Lawmakers supporting the measure claimed it was essential to repair transportation infrastructure; opponents pointed to the harm it would do to the economy.

Those supporting the concept that high prices encourage investment say decreased prices at the pump will hurt the stock market, but opponents point to the harm it does to middle class Americans.

Recently, the Wall Street Journal noted that “American families are enjoying a level of economic relief they haven’t experienced in six years—and it is largely attributable to the recent slide in gasoline prices… Families are saving … at the pump and are paying less for groceries and everyday goods thanks to lower transportation costs. Considering that median family incomes are 3% lower than they were six years ago, this is a welcome reprieve for the middle class. Politicians, on the other hand, see an opportunity to ask Americans for more of their paychecks. On Feb. 4 Democrats in the House of Representatives, led by Rep. Earl Blumenauer (D., Ore.), introduced a bill that would raise the federal gas tax by 15 cents—nearly doubling the current 18.4-cent-per-gallon tax. Meanwhile, legislators and governors in more than 15 states are pursuing gas-tax hikes of their own…While the various proposals differ, one thing is the same: None should be passed into law.”
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The CATO Institute reports that “we cannot say that the drop in oil prices is bad for the economy. We could unambiguously say that it is good if we knew that all individuals are participating in the gains—or, at least, that no individual experiences a loss. An alternative way to say that the price drop cannot be bad is to say that it is potentially good. If there is more of all goods, everyone can potentially benefit.”

Increasing energy production, which would support lower prices, is not only advantageous for American families, but vital for the suffering U.S. trade imbalance.

According to Trading Economics.com  “The United States recorded a trade deficit of 51367 USD Million in March of 2015. It is the biggest trade deficit since October 2008…The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products…”

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Energy Production May Boost U.S. Economy

There may be some good news about America’s economy coming in 2015. Starting next year, the U.S. will begin exporting energy supplies.

IBItimes  reports that America is poised to surpass Russia and Saudi Arabia as the world’s top oil producer.  According to Maria van der Hoeven, Executive Director of the International Energy Agency,  “The big supply story has been the unprecedented production growth in recent years in North America.”

Unfortunately, the quantity will not be sufficient to dramatically impact the national economy since the vast untapped resources on federal lands still remain off limits.  A further deterioration of the energy picture both for Americans and our allies overseas may also occur if the President’s carbon emissions plans go into effect.
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A further increase in energy exports may come if a 40-year old ban on the export of most US oil is lifted. The ban was a response to the energy shortages of the 1970’s.  In a recent study, the Brookings Institute  found that lifting the ban on crude oil exports will boost economic growth, lower gas prices, and enhance America’s global power.

Energy prices remain a challenge to economic growth in the United States, where gas has risen from $1.78 when President Bush left office to the current average of $3.41 today.

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American Middle Class: An Endangered Species

For over half a century, the American middle class has been the bulwark of prosperity and stability not only in the Unites States, but throughout the planet as well.  It is an entity that has become increasingly endangered over the past five years.

When Mr. Obama took office, the real median household income was $53,760.  It has since dropped to $53,385.

Middle income families are under siege from rising prices for the staples of life, including food, energy, shelter and medical care, needs which must be paid for with declining income and despite high taxes. They are also facing assaults on the non- materialistic front as well.

Key examples:

Red meat, pork, fruit and dairy prices have increased substantially from last year. Center cuts of beef with bones have jumped 18.9%, pork chops 18.8%, and numerous other pork choices by a startling 23.4%.  Bacon is up 14.5%. Romaine lettuce has risen 25.7%.  Dairy prices have jumped an average of 4.7%.

Increased prices for homes and rates for mortgages, as well as higher rental charges, have produced a significant squeeze to families, who also must contend with student debt reflecting the enormous and unjustified cost increases in college tuition over the past two decades.

A Forbes magazine study notes that “Health insurance premiums are showing the sharpest increases perhaps ever… The average increases are in excess of 11% in the small group market and 12% in the individual market. Some state show increases 10 to 50 times that amount. The analysts conclude that the ‘increases are largely due to changes under the ACA [Obamacare.]”

Gas prices constitute a major challenge for American families, jumping from an average of 2.42 in 2009 to 3.52 currently.  Despite high energy costs throughout the nation, the White House continues to roadblock the exploitation of energy resources on federal lands.

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The dwindling American middle class has lost its distinction of being the world’s most affluent, according to a New York Times report. One statistic hasn’t changed, however; despite the vast sums spent both on Mr. Obama’s “stimulus” and his mammoth increases in welfare-type programs, the Washington Times notes that the  poverty rate has remained at 15% for three consecutive years.  According to the Russell Sage Foundation  the median wealth of American households has dropped from $87,992 in 2003 to $56,335 in 2013.

These problems didn’t arise by accident. Although a portion of the increases in food may be attributable to weather fluctuations, (another portion is attributable to increasingly inane EPA policies) poor policy choices must bear the burden of the blame.

The White House has steadfastly refused to allow access to the riches of oil and gas on its vast land holdings, resulting in higher energy prices and fewer jobs.

America has the world’s highest corporate tax rate, deeply affecting employment. The increase in welfare-type benefits, especially those which can be accessed by relatively young, healthy individuals, has reduced the labor force participation to its lowest point in 36 years and has placed an enormous burden on working, middle income families who now pay taxes which are mostly spent on entitlement programs.

High taxes and EPA regulations combined with reduced financial support for the military has slashed many middle-class industrial jobs.

The bad news isn’t only on the economic front.  Middle-class values have been consistently mocked by academia, Hollywood, and the progressives.  The very concept of family self-sufficiency has been replaced with the leftist mantra of “it takes a village to raise a child.”

The stability and patriotism of middle class families is the bedrock upon which rests American success.  Its diminishment will indeed, in President Obama’s words, “profoundly transform” the nation, and not for the better.