What's wrong with making a profit?

"We must punish these profiteers..." unknown legislator, 5/3/06.

Today I caught a fragment of a news report about the price of gas, the big oil companies who were profiting, and what our Congress plans to do about it. I only really heard the above quote before turning the radio off. Afterward though, I got to thinking....

What's so bad about profit? Seems to me, it's what makes our economy run. In fact, when I told my husband about the quote, he said it sounded like a socialist talking. Whatever happened to old-fashioned capitalism? If America's companies aren't allowed to make profits, they'll go away to some place where they can!

If one argues that the problem isn't with profit, but with excessive profit, then the question is at what point does profit become "profiteering" and therefore evil? The answer would seem to be at the point when the profit is harmful to others, such as when profit is derived at the cost of the lives of child laborers. Such profit would be morally reprehensible and an appropriate cause for the rise of unions, strikes, and boycotts.

But the big oil companies are not deriving their profits from child labor or other deplorable business practices. They are simply enjoying the fruit of supply and demand when the demand is high. No one is forcing consumers to consume their product. Oil products are not required to live, like air or water. There are alternative forms of transportation and heating which require less oil consumption, and which consumers are free to choose.

Of course, the real issue is probably only distantly related to profiteering, but rather that our House and Senate must have something to do, must take action against the issues that are major concerns to their constituents. The price of gas goes through the roof... something must be done! We must take action! Someone must be taking advantage of these poor people! We will be their champions and defend them!

Now if only someone would defend us against our "champions" voting themselves a pay raise at midnight...

=)