Ending subsidies for oil and coal corporations?
What about suppressing the much talked-about subsidies granted to oil and coal corporations?
What are these subsidies? Some obscure civil servants of the IMF put subsidies at 6.5% of GDP, by including the pollution side effects of hydrocarbons burned… by consumers. Other dubious studies compare apples with oranges and conclude about humongous subsidies showering the oil and coal corporations.
Let’s make oil and coal industries pay for our pollution or pay back these so-called subsidies? In reality, this subsidy debate is just a justification for raising taxes. Suppressing these dubious subsidies is identical to raising taxes.
Suppressing these “huge” subsidies will pressure oil and coal corporations to raise their sales prices in order to earn the same income, not go bankrupt, and pass all costs on to consumers.
Suppressing these subsidies with price ceilings will force oil and coal industries to go bankrupt, and we’ll have no more ambulances running and no more electricity.
High taxation always backfires one way or another. Eventually, customers pay the bill with higher prices and with fewer jobs.