Capping Economic Growth

IBD Editorials ^ | March 5, 2009

[Kaslin]

Fiscal Policy: President Obama sends his emissaries to Congress to explain why an economy-killing tax on energy — a tax all Americans will pay in all aspects of their lives — is necessary to save the Earth.

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Tax-challenged Treasury Secretary Timothy Geithner and White House Budget Director Peter Orszag went to Capitol Hill on Tuesday to defend a federal budget that assumes $650 billion in revenue from a cap-and-trade carbon emissions scheme that may be worse than Bill Clinton's defeated Btu tax on energy.

Under the plan, the Obama administration would sell or auction off emission credits based on a predetermined cap of carbon emissions arbitrarily set for the U.S. economy. Lower-polluting companies could then trade their excess. At least that's the theory.

The problem is that capping emissions based on dubious climate science will also kill hopes for a rapid economic recovery. Any good that comes from the stimulus package will be wiped out by this energy tax that will be passed on to every consumer through everything we produce and consume.

Money that could be spent on creating jobs will be wasted trying to save the polar bear.

Geithner told the House Ways and Means Committee: "There is no other way to try to get us on a path of energy independence and address the critical problems caused by climate change without changing the incentives."

Incentives? And just who has lost his job or had his house foreclosed while the Earth has actually cooled in the last decade?

[steelyourfaith]

 

Beam me to Planet Gore !

[ALPAPilot]

But while you stand in the unemployment line as the bank takes your home, at least you can feel glad that your sacrifice helped the environment.

But while you stand in the unemployment line FREEZING as the bank takes your home, at least you can feel glad that your sacrifice helped the environment.

[sourcery]

"The dreadful policy proposals will continue until the market rallies."

[Kaslin]

The Dow lost 281 points today and is down to 6,954.44

[encm(ss)]

Correction: Dow 6594.

[aquila48]

The econazis are in control and if they get this, they will embed themselves in every single bureaucracy and will be next to impossible to eradicate even if we get another Reagan.

Let’s pray that Coleman gets in and that a republican will win Burris’s seat. With the two Maine RINOcerettes and Specter we desperately need a couple more solid republicans in the senate.