Adam Eran: The one thing we don’t want to do is subsidize even more petroleum consumption. If we gave oil producers a special tax break (like the “depletion allowance”), or paid for the military protection for those increasingly important overseas oilfields, gas would be artificially cheaper at the pump, and we would have abandoned the “magic of the marketplace” for crony captalism, where a few favored interests get the lion’s share of public policy benefit.
Unsurprisingly, my Republican State Senator, Dave Cox, e-mailed his constituents, saying reducing spending, not increasing taxes, is the answer to California’s $16 billion budget shortfall. He notes that the Legislative Analyst’s Office’s (LAO) proposed alternative budget would raise some additional revenues, and but responds saying “revenues are not the problem. …LAO anticipate[s] that General Fund [...]