Cap & Tax boot-to-the-face rises from the dead
Having recovered from the departure of the Third Stooge, Lindsey Graham (R-SC), from their Cap & Tax Troika, John Kerry (D-MA) and Joe Lieberman (I-CT) are back to fighting like junkyard dogs for this massive boot-to-the-face. According to this piece (from IBD), the Gulf oil leak has given these toe fungi a new impetus to pass this “reform” (BOHICA) with help from the comrade and his regime.
Energy Policy: The administration plans to use sleight-of-hand politics to sneak through an economy-killing tax on energy as necessary to save the Earth. Make no mistake: Cap-and-trade is a tax every American will pay in every aspect of his or her life.
Cap-and-trade is like Jason Voorhees of the “Friday the 13th” movie series. Just when you think you’ve killed it, it comes back.
Exposures of fraud in the climate science used to justify it seemed to doom its chances as the economy soured and prospective costs seemed prohibitive. Then the Deepwater Horizon oil disaster in the Gulf of Mexico happened, and images of oil-covered pelicans filled our TV screens. It was, as White House Chief of Staff Rahm Emanuel has put it, a crisis too good to waste.
Our dear comrade leader is trying to get the Senate to pass a watered-down bill so that it can be “enhanced” later on. Lame duck dems would vote for it after the elections.
As we and others have pointed out, climate change is more like a religion than a science, and its zealots do not give up. As the Washington Post’s Juliet Eilperin reported recently, “Several sources familiar with the administration’s thinking confirmed it has started pressing Senate Majority Leader Harry Reid, D-Nev., to bring up a slimmed-down energy and climate bill next month (July).”
According to Eilperin, “Under this scenario, the final product of any House-Senate conference could come up for a final vote in a lame-duck session after lawmakers have faced voters in November, thereby cushioning the vote’s political impact.” Lame ducks would save oil-soaked ducks.
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.
And what will be the effects of this legislation? Here are a few:
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%.
Total GDP loss by 2035 would be $9.4 trillion. Net job losses (after green job creation) could approach 2.5 million by 2035. Manufacturing loses about 1 million jobs in 2035.
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.
“Gross annual burden” imposed by the current Senate version of cap-and-trade is put at a paltry $125.9 billion a year or $1,042 per household, with costs disproportionately borne by low-income households.
According to IER, Kerry-Lieberman will redistribute roughly $12.3 billion per year from the bottom 80% of earners to the highest quintile. As the average age of each household rises, so does the economic burden imposed on it. Health care rationing and Kerry-Lieberman — a double whammy for seniors.
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.
Power and control – what it has always been about.