From the NYTimes (Dems divided ...):
Senator Hillary Rodham Clinton lined up with Senator John McCain, the presumptive Republican nominee for president, in endorsing a plan to suspend the federal excise tax on gasoline, 18.4 cents a gallon, for the summer travel season. But Senator Barack Obama, Mrs. Clintonâs Democratic rival, spoke out firmly against the proposal, saying it would save consumers little and do nothing to curtail oil consumption and imports.
While Mr. Obamaâs view is shared by environmentalists and many independent energy analysts, his position allowed Mrs. Clinton to draw a contrast with her opponent in appealing to the hard-hit middle-class families and older Americans who have proven to be the bedrock of her support. She has accused Mr. Obama of being out of touch with ordinary Americans who are struggling to meet their mortgages and gas up their cars and trucks.
Let's say gasoline demand is perfectly inelastic (in order to maximize the impact of the tax). If I drive 12,000 miles and get 25 miles per gallon, I buy 480 120 gallons of gasoline each year summer. Saving 18.4 cents per gallon amounts to an additional $88.32 per year $22.08 in spending money.
Update: This "analysis" also assumes a perfectly elastic supply curve. Truly, leading to a vast overestimate of consumer savings at the pump. That is the dumbest update ever.
Meanwhile, ex-President Clinton is on campus today campaigning in the old Varsity gym. The Health Promotion for Faculty and Staff facilities are in the same location. Here is the email I received at 11:37:
Due to the event occurring in the Varsity Gym today, Health Promotion will be closed from 1-4, and will reopen at 4 until normal closing time at 6. Sorry for any inconvenience.
Sorry? Hrmph.
