How can we ensure the fiscal health of the United States?
Lower taxes produce more oil and gas and quit giving up jobs to foreign countries and control the welfare programs. America spends more than $200,000 per minute on foreign oil -- $13 million per hour. More than $25 billion a year goes for Persian Gulf imports alone. America's dependence on oil is a threat to our national security and our economy.
Growing demand and shrinking domestic production means America is importing more and more oil each year - much of it from the world's most unfriendly or unstable regions. Americans had shelled out $249 per capita to foreign oil-interests.
Countries on U.S. oil purchases are spending heavily in Washington to make sure the party doesn't end: Since December 2003, OPEC has spent $13.3 million on federal lobbying, $6.6 million of which from Saudi Arabia alone. U.S. energy companies are jumping on the political bandwagon too, spending $59.4 million on lobbying in 2003 and $29 million on campaign contributions in the 2002 and 2004 election cycles.
In fact, we simply cannot drill our way out of this problem. The U.S. has just three percent of know oil reserves; even drilling in the pristine Arctic National Wildlife Refuge would increase those reserves by less than one-third of one percent. In short, the system has reached its limit.
Today's oil use outpaces new oil discoveries, with the world using about 12 billion more barrels per year than it finds. The growing imbalance between supply and demand means record high crude prices and the threat of more skyrocketing costs caused by even mild supply disruptions. President Obama says he wants to stop giving “tax breaks” that encourage American companies to “ship jobs overseas.”
Most other industrialized countries don’t tax their firms’ overseas profits at all. It leaves more money for consumers to spend, making more jobs for suppliers of goods and services, which makes more jobs for more people to...
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