But Charles Krauthammer wishes the money were staying in the U.S.:
Some things, like renal physiology, are difficult. Some things, like Arab-Israeli peace, are impossible. And some things are preternaturally simple. You want more fuel-efficient cars? Don’t regulate. Don’t mandate. Don’t scold. Don’t appeal to the better angels of our nature. Do one thing: Hike the cost of gas until you find the price point.
Unfortunately, instead of hiking the price ourselves by means of a gasoline tax that could be instantly refunded to the American people in the form of lower payroll taxes, we let the Saudis, Venezuelans, Russians and Iranians do the taxing for us – and pocket the money that the tax would have recycled back to the American worker.
Read his column here.
– Hat tip: Streetsblog
I never would have expected to hear that from Mr. Krauthammer! But it’s quite true, and maybe people should start to think of it that way.