Tag Archives: Waxman

Commentary

New Heritage Foundation study says cap-and-trade will kill jobs and the economy

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New study from The Heritage Foundation, my favorite think tank! (H/T Hot Air)

This image tells all:

Job losses per year if cap and trade passes.
Job losses per year if cap and trade passes.

Summary of the effects: (adjusted for inflation to 2009 dollars)

  • Cumulative gross domestic product (GDP) losses are $9.4 trillion between 2012 and 2035;
  • Single-year GDP losses reach $400 billion by 2025 and will ultimately exceed $700 billion;
  • Net job losses approach 1.9 million in 2012 and could approach 2.5 million by 2035. Manufacturing loses 1.4 million jobs in 2035;
  • The annual cost of emissions permits to energy users will be at least $100 billion by 2012 and could exceed $390 billion by 2035;
  • A typical family of four will pay, on average, an additional $829 each year for energy-based utility costs; and
  • Gasoline prices will rise by 58 percent ($1.38 more per gallon) and average household electric rates will increase by 90 percent.

FYI, current GDP is around 14 trillion per year. The current labor force is around 130 million (non-farm).

Commentary

Sarah Palin crushes cap-and-trade in the Washington Post

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Sarah Palin’s op-ed in the Washington Post is called “The ‘Cap And Tax’ Dead End”. (H/T Watts Up With That, Gateway Pundit, Stop the ACLU)

Excerpt:

American prosperity has always been driven by the steady supply of abundant, affordable energy. Particularly in Alaska, we understand the inherent link between energy and prosperity, energy and opportunity, and energy and security. Consequently, many of us in this huge, energy-rich state recognize that the president’s cap-and-trade energy tax would adversely affect every aspect of the U.S. economy.

There is no denying that as the world becomes more industrialized, we need to reform our energy policy and become less dependent on foreign energy sources. But the answer doesn’t lie in making energy scarcer and more expensive! Those who understand the issue know we can meet our energy needs and environmental challenges without destroying America’s economy.

Job losses are so certain under this new cap-and-tax plan that it includes a provision accommodating newly unemployed workers from the resulting dried-up energy sector, to the tune of $4.2 billion over eight years. So much for creating jobs.

In addition to immediately increasing unemployment in the energy sector, even more American jobs will be threatened by the rising cost of doing business under the cap-and-tax plan. For example, the cost of farming will certainly increase, driving down farm incomes while driving up grocery prices. The costs of manufacturing, warehousing and transportation will also increase.

The ironic beauty in this plan? Soon, even the most ardent liberal will understand supply-side economics.

…The Americans hit hardest will be those already struggling to make ends meet. As the president eloquently puts it, their electricity bills will “necessarily skyrocket.” So much for not raising taxes on anyone making less than $250,000 a year.

Even Warren Buffett, an ardent Obama supporter, admitted that under the cap-and-tax scheme, “poor people are going to pay a lot more for electricity.”

Meh. It’s merely excellent. Somewhat superlative.

Not nearly as good as Michele Bachmann could do, and Michele is conservative on vouchers and illegal immigration, unlike Sarah. See, Sarah writes about supply-side economics once in a while, but Michele gives passionate speeches about supply-side economics every day:

And Michele likes Christian apologetics more than Sarah! Sarah probably doesn’t even know who William Lane Craig is! Michele should be President, Sarah can be Secretary of Energy.

Ed Morrissey at Hot Air comments on Sarah’s article:

We need to make all of this clear.  Cap-and-trade rations energy production, which means there will be less of it for a long time.  Alternatives are not ready for the kind of mass production that would allow a complete replacement of energy, and probably won’t be for decades, if ever in some cases (notably wind power, as GreenChoice showed and as T. Boone Pickens finally realized).  That means a lower standard of living that will impact America regressively, with the lowest income earners getting hit the hardest.  The drain on the economy from high energy prices means less jobs and higher retail prices for goods and services, again a regressive consequence of energy rationing.

Obama and his Utopian allies promise that government will help close the gap by offering more services to the unemployed and the poor at the expense of the “rich”.  What will that do?  It will further handicap the economy by keeping capital out of the markets.  Even worse, it will vastly expand the dependent class in America who have to go on the dole to survive.  And many of those ardent liberals will be pretty happy with that outcome, too.

We need to stop this thing. It’s good that Sarah came out against it.

News

Democrat Waxman believes that opposing Obama’s energy tax is equivalent to opposing America

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Check out this Politico.com post. (H/T Hot Air)

Excerpt:

Rep. Henry Waxman (D-Calif.), who has had an eventful couple of weeks to say the least, believes House Republican opposition to climate change legislation and the stimulus indicates they’re cheering against the good ol’ US of A.

“It appears that the Republican Party leadership in the Congress has made a decision that they want to deny President Obama success, which means, in my mind, they are rooting against the country, as well,” the powerful House Energy and Commerce Committee chairman told WAMU radio host Diane Rehm on Tuesday morning, promoting his new book, “The Waxman Report.”

All the lies they spoke about that Christian fascist Bush was just so much projection, foreshadowing how they themselves would deal with “unpatriotic” dissent.

Al Gore and Goldman Sachs

In a related story, repeat college drop-out Al Gore (NOT A SCIENTIST) equated his war on global warming to the war against Nazism.(H/T Gateway Pundit)

Excerpt:

Al Gore today compared the battle against climate change with the struggle against the Nazis.

…Speaking in Oxford at the Smith School World Forum on Enterprise and the Environment, sponsored by The Times, Mr Gore said: “Winston Churchill aroused this nation in heroic fashion to save civilisation in World War II.”

And he has good reason to do so, given that his personal fortune has skyrocketed from $2 million to over $100 million. Oh, don’t let those tolerant Democrats fool you. If you oppose their greed and lust for power, then you’re worse than Satan. How dare you assert your rights to liberty and prosperity against the power of their oligarchy?

And he isn’t the only one who is ready to cash in. The employees of investment firm Goldman Sachs donated tons of money to Democrats, and they are positioned to strike it rich if cap-and-trade passes. Steve Milloy writes that “Goldman Sachs has spent millions of dollars lobbying for cap-and-trade legislation in anticipation of making billions of dollars at the expense taxpayers and consumers.”

The war on small business

Here is a Fox News article that describes how the cap-and-trade bill championed by Democrats like Waxman and Gore destroys small businesses. (H/T Gateway Pundit)

Excerpt:

David McArthur, vice president of the 52-year-old family operation, a Gateway City institution, is one of a growing number of business owners and taxpayers nationwide who are mobilizing against the so-called cap-and-trade bill, which would levy harsh fines on energy consumption that harms the environment.

McArthur told FOXNews.com that every aspect of his business relies on the forms of energy targeted by the American Clean Energy and Security Act, and that his congressman, Carnahan, was supporting “a direct tax increase on small business” by voting for it.

“We make (our product) with electricity, we bake it with gas, we refrigerate and freeze it with electricity and we distribute it with gas and oil,” said McArthur, who said he worries that high prices could cost his company up to $15,000 a year in an industry with a very tight margin for profit.

This is cause-and-effect, people. There is a reason why Cuba and North Korea are poor today – they voted in radical leftists just like Obama. This is the way the world actually works.

Obama’s energy tax ships jobs overseas

The Times Online reports that India and China decided against crippling their economies for the myth of global warming. (H/T Hot Air)

Excerpt:

As world leaders sat down for a working lunch at the start of a three day meeting of the G8, it emerged that negotiations had failed to reach agreement on halving greenhouse gas emissions by 2050.

Summit negotiators, who do the hard bargaining before the heads of state arrive to complete the agreements, failed to make progress on the issue in talks that continued late last night. China and India are understood to have blocked any mention of the target in the draft communiqué, insisting that the developed economies should promise to cut their own emissions sharply by 2020 before asking developing nations to commit to a long term target.

The breakdown in negotiations has undermined President Obama’s chances of producing a diplomatic coup when he chairs talks on climate change at a meeting of the 17-nation Major Economies Forum tomorrow.

Where do you think all our manufacturing jobs will go when it becomes expensive to manufacture goods here?

Meanwhile, WattsUpWithThat reports that Prince Edward Island in Canada is seeing the first frost ever in July.