Arthur B. Laffer, Laffer Associates | December 18, 2008
Energy independence would be a disaster for America. ++ Not buying oil from despotic regimes will not topple them. ++ If Obama moves towards real energy independence it would mean "$20 per gallon and true depression." ++ Off-shore drilling and nuclear power should be options. ++ Green job creation is improbable, since reducing carbon emissions means high taxes on fossil fuels, driving the economy to the ground. ++ The solution should be to give money back through tax reductions, which would decrease tax progressivity.