Skip to comments.The Cap-and-Trade Bill Is an Economic Disaster
Posted on 06/26/2009 6:13:03 AM PDT by SeekAndFind
Fiscal Policy: The House of Representatives is preparing to vote on an anti-stimulus package that in the name of saving the earth will destroy the American economy. Smoot-Hawley will seem like a speed bump.
Not since a misguided piece of legislation imposed tariffs that turned a recession into a depression has there been a piece of legislation as bad as Waxman-Markey.
The 1,000-plus-page American Clean Energy and Security Act (H.R. 2454) is being rushed to a vote by House Speaker Nancy Pelosi before anyone can seriously object to this economic suicide pact.
It's what Janet Napolitano, secretary of Homeland Security, might call a "man-caused disaster," a phrase she coined to replace the politically incorrect "terrorist attack." But no terrorist could ever dream of inflicting as much damage as this bill.
Its centerpiece is a "cap and trade" provision that has been rightfully derided as "cap and tax." It is in fact a tax on energy everywhere it is consumed on everything it is used to make or provide.
It is the largest tax increase in American history a tax on all Americans even the 95% that President Obama pledged would never see a tax increase.
It's a political bill that could come to a vote now that a deal was struck with farm-state legislators concerned about the taxation of even bovine flatulence.
As part of the agreement reached Tuesday night and announced by Rep. Henry Waxman, D-Beverly Hills, agricultural oversight for cap-and-trade was transferred from the Environmental Protection Agency to the U.S. Department of Agriculture.
Farmers hope the USDA will be less intrusive. The EPA has been tasked by a Supreme Court ruling to regulate greenhouse gas emissions from your nostrils to your lawn mower. This even covers the emissions of barnyard animals, including the methane from cows.
(Excerpt) Read more at realclearmarkets.com ...
IBD is a good source
I’m stepping up my search for a good, used green house....(for growing food).
More disastrous results :
* Consumers would pay through the nose as electricity rates would skyrocket by 90% adjusted for inflation.
* Inflation-adjusted gasoline prices would rise 74%
* Residential natural gas prices by 55% and the average family’s annual energy bill by $1,500.
* Hit hardest by all this would be the “95% of working families” Obama keeps mentioning as being protected from increased taxation. They are protected, that is, unless they use energy. Then they’ll be hit by this draconian energy tax.
* The American Farm Bureau warns that cap and trade would cost the average farmer $175 on every dairy cow and $80 for beef cattle because the regulations would cover the emissions of barnyard animals, including the methane from cows.
And what would we get for all this pain? The reduction of U.S. CO2 emissions to 83% below 2005 levels by 2050 the goal of the Waxman-Markey bill would reduce global temperature in 2050 by a mere 0.05 degree Celsius.
Not to worry!! The Clean Energy Act includes a new, 52 week unemployment program. It’s called Climate Change Benefits. It’s modeled after Trade Act Benefits. It reads like an April fools joke, but it’s actually in the bill.
I called my Congressman about this - staff said that Senate may vote today, but the house hasn’t considered yet.
Does anyone know the exact schedule?
These democrats have gone from wishing for power to very dangerous now that they have the power.
Texas was a big loser. In fact ALL the States were losers except the west coast.
I wonder if anyone has crunched the numbers to see how much is left after the positive States numbers were subtracted from the negative States.
More importantly, after the feds use a chunk, where does the 'excess' go?
[I'm betting on the IMF]
Another 1,200 page bill that the idiots won’t read before they pass it.
Tell your congresscritter he/she is voting on their own reelection. Its that simple. Vote for it, vote yourself OUT of office next term!!!
Don’t forget, every business will pass on their costs to the consumer, so that everything will skyrocket in price.
Wake up folks .... this is going to be the package that sends us over the brink. And American people are more interested in the passing of MJ ...no one will even notice.
In another week, they’ll be asking: “How did this happen?”
I wonder who is lobbying for, and by extension, writing these steaming pile of feculence?
Dont forget, every business will pass on their costs to the consumer, so that everything will skyrocket in price.
Yeah... toss aside all that economic mumbo-jumbo about price being determined by supply and demand in a competitive free market economy!
The Corporate Deities aren't governed by economics.
They're FREE to "pass along" anything they want to us consumers.
That's why none of them ever go belly-up!
A minor fraction of the money will come back to the consumer as a “WE-bate” on your new hand crank blender or 6 hour solar toaster.
We are taking people away from productive pursuits, to pursue unproductive feel good pursuits. This is no time for that.
We are sacrificing productivity while injecting ever more money into the system. More and more money chasing less abundant and more costly good and services. The resulting inflation will be a tax on everyone. It will take it’s highest toll on the seniors with a fixed income.
I am building a cold frame for late autumn and will probably move up to building a small green house.
Of course you need sun for a green house, and it has been an exceedingly gloomy Spring and early Summer so far.
I have already chosen a spot that is sunny after the trees drop their leaves....but receives sufficient shade in the summer.