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Paying President’s ‘Price On Carbon’

522,000 lost jobs
 

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IBD Editorial

30 Jun 10 - (Excerpts) - According to the Center for Data Analysis at the Heritage Foundation, prices at the gas pump would leap 58%, and residential electricity costs would “necessarily skyrocket” 90%.

On Wednesday, the Institute for Energy Research will release an analysis of the American Power Act, pushed by Kerry and Lieberman (sans Graham). IER says it will cut U.S. employment by roughly 522,000 jobs in 2015, rising to more than 5.1 million by 2050.

     I think it should more honestly be called the American DISempower Act.

According to IER, Kerry-Lieberman will redistribute roughly $12.3 billion per year from the bottom 80% of earners to the highest quintile.

Whether through the front door, the back door or behind another closed Senate door, cap-and-trade will put a price not only on carbon, but also on freedom. The power to tax is the power to destroy, but it is also the power to control.

They would sneak through a watered-down “comprehensive” energy bill in reaction to the Gulf spill, and then in conference make sure the worst parts of Waxman-Markey are in there, including the cap-and-tax provisions on American energy. As with health care reform, we’ll be told we have to pass the bill to see what’s in it.

But we know what will be in it. Cap-and-trade seeks, as President Obama says is his desire, to put “a price on carbon.” The government would sell or auction off emission credits based on a predetermined cap on the total amount of carbon emissions arbitrarily set for the U.S. economy.

The cost of these carbon credits amounts to a hidden tax that is passed on to consumers of energy and everything that energy is used to make or transport. Money that could be spent on creating jobs will be wasted trying to save the polar bear.

It is a hidden tax on our freedom and our prosperity. It will limit our choices and our actions. It will reduce our supply of energy and thereby increase its costs, another hidden tax.

An analysis prepared by the Treasury Department and obtained by the Competitive Enterprise Institute through a Freedom of Information Act request put the total in new taxes at $100 billion to $200 billion a year.

The upper end of that range translates to a cost per American household of an extra $1,761 a year. Because personal income tax revenues bring in around $1.37 trillion a year, a $200 billion additional tax would be the equivalent of a 15% increase.

      I think taxes will shoot far higher than this. The American Disempower Act calls for us to reduce our energy usage by 80 percent by 2050. This would take us back to the energy usage of 1863. They would therefore be required to keep on raising taxes - and raising them, and raising them- until we reach that 1863 point. Suicide by decree.

See entire editorial here.

 



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Order Book l E-Mail Robert l Q & A l Book Reviews l Plant Hardiness Zone Maps l Radio Interviews l Table of Contents l Excerpts l Author Photo l Pacemaker of the Ice Ages l Extent of Previous Glaciation l Crane Buried in Antarctic Ice Sheet l Ice Ages and Magnetic Reversals l Expanding Glaciers