Four democratic House Members voted for another unwritten-unread bill that will drastically increase the cost of all sources of energy, potentially cost two jobs for every job added, and create a new costly federal bureaucracy that will drastically effect almost every aspect of your life.
House members Ed Perlmutter, Diana DeGennette, Jared Polis, and Betsy Markey eagerly voted to pass the Waxman-Markey “Cap and Trade” Bill in congress In spite of the fact that there is ample evidence that this piece of legislation will wreck the US economy in and of itself. This, without even considering the compounding adverse effects of Obama’s tripling of the deficit….all on top of his non-functioning “Porkulus” package and loading our economy with the burden of the“fixing” healthcare.
In an editorial the Washington Examiner states about the bill “critics are increasingly banding together with elected officials and other experts in the public policy arena who see cap-and-trade schemes like Waxman-Markey as fatally flawed on two counts. First, under Waxman-Markey, the government would establish a schedule of emissions reductions – 70 percent by 2030 – and a program of “credits” for businesses that meet the schedule.Those that don’t meet it can buy credits from companies that do, thus satisfying the government’s emission reduction mandate. The problem is that even under the most optimistic scenario, achieving the Waxman-Markey reductions would have only a negligible effect on global temperatures.
Europe’s similar cap-and-trade program has been in effect for five years, yet has had no measurable impact on global temperatures. The U.S. effort is likely to fail, too, for the simply reason developing countries, particularly China and India, aren’t going to hobble their expanding economies, which will be dependent upon carbon-based fuels for the foreseeable future. Thus, at best, Waxman-Markey will reduce average global temperatures by much less than one degree. That reduction highlights the second flaw, which is the excessive cost of achieving virtually no reduction in global temperatures. “
The bill also embodies the very problems that have lead to the pending failure of a similar scheme installed by Socialists in Europe five years ago. It has been politically administrated and subject to lobbying for favor by those touched by the legislation. Waxman-Markey, before adoption, already favors coal powered generation plants with a fifty percent reduction in the “cap” level for their industry. Anyone with “lobby-power” will be able to lessen the pain to themselves and consequently, increase the pain to others. The difficulty with the government setting the value for carbon credits leads, further, to difficulty in enforcement.. Many European companies have cheated in claiming credits and the trading system and credit values have been distorted. Spain has found that for every “Green” Job created by Cap and Trade energy laws two non-energy jobs have been lost. Many experts blame their (Spain’s) 17% unemployment rate on their energy program. Finally, The Wall Street Journal titled “The Cap and Tax Fiction” Points out that “A better indicator might be what other countries are already experiencing. Britain’s Taxpayer Alliance estimates the average family there is paying nearly $1,300 a year in green taxes for carbon-cutting programs in effect only a few years.”
On his web page, Representative Ed Perlmutter talks of this energy package as a bold step forward: “This comprehensive energy package is a bold step forward, helping end our dependence on foreign oil. Quite simply, this entire bill is good for national security, good for the climate and good for jobs.” Further, Perlmutter stated on his page: “In order to save green, we must go green. The GREEN Act measures will help revitalize our economy by making energy efficiency practices more affordable, accessible and achievable by consumers, businesses and government entities,” said Perlmutter. “By prioritizing energy efficiency practices, we can ease the woes of homeowners, lenders, financial markets, builders and our environment. This bill is another tool to move our country toward energy conservation and sustainable development.”
A study by the Heritage Foundation puts the real effects of this legislation in Focus. The conservative Heritage Foundation’s Center for Data Analysis used an econometric model of the U.S. economy to measure the projected impact of Waxman-Markey and found that by 2035, it would:
§ Reduce aggregate gross domestic product (GDP) by $7.4 trillion,
§ Destroy 844,000 jobs on average, with peak years seeing unemployment rise by over 1,900,000 jobs,
§ Raise electricity rates 90 percent after adjusting for inflation,
§ Raise inflation-adjusted gasoline prices by 74 percent,
§ Raise residential natural gas prices by 55 percent,
§ Raise an average family’s annual energy bill by $1,500, and
§ Increase inflation-adjusted federal debt by 29 percent, or $33,400 additional federal debt per person, again after adjusting for inflation.
This information appears to be more in line with the European experience than Perlmutter’s rosey assessment of the bills impact.
The Bill appears as the Washington Examiner’s editorial opinion states in closing “a prescription for wrecking American prosperity for decades to come.” Perlmutter and other Colorado house Democrats continue to threaten our future as a nation…speaking more about sending home the Bacon (”Pork”)and keeping mum about the cost of their handy work toward threatening our future, freedom and the lives of our children.