How Much Is WAY Too Much

I don’t think I’ve read any criticism anywhere connecting the recent astronomical quarterly profits by the oil companies and the impending bankruptcies facing our nation’s major airline carriers, not to mention massive layoffs recently announced at both GM and Ford. When one industry threatens to bankrupt another through their actions, and stockholders and taxpayers will eventually be the ones to really pay for these bankruptcies, shouldn’t someone raise the issue? Was this connection ever mentioned in the Senate hearings
that were held? I think Senator Dianne Feinstein (D-California) may have connected the two in a statement, but I haven’t been able to find the transcript.

If you really want to get worked up over a bit of insanity that many are still unaware of, check out this link. It describes the SUV tax break/loophole created by Congress in 2003, and revised in 2004. Growing out of laws originating in the 70’s that were aimed at helping farmers purchase heavy equipment, the 2003/2004 updates were also intended to help support sagging SUV sales, now ridiculously critical to American auto manufacturers. Ironically, at a time when politicians are thumping their chests about our need to break our dependence on Middle Eastern oil, an SUV can fetch you a $25,000 tax break, while the purchase of a hybrid/electric car will reward you with only $2000. Of course, the SUV tax break was even larger when first enacted in 2003. Back then the deduction was for up to $100,000.