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Cap and Trade Fiasco in Senate Starting Today
By Dan | June 2, 2008
Lawmakers are to vote today to begin debate on a bill that could reshape the U.S. economy by requiring industry to pay to emit carbon dioxide and other heat-trapping gases. Opponents call it a new tax on industry that could raise gas prices and energy bills for consumers. Supporters say it’s a crucial step to advance cleaner energy and protect the planet.
Once again our lawmakers focus on stopping global warming. They have become convinced that this hoax is real. What is real is the danger that this bill poses to our economy.
The Institute for energy research has the breakdown:
The U.S. Energy Information Administration (EIA) core analysis of the economic impacts of Lieberman-Warner “assumes, among other things, that key low-emissions technologies – including nuclear and coal with carbon capture and sequestration (CCS) – are developed and deployed in a timeframe consistent with the bill’s emissions reduction requirements without encountering any major obstacles, even with rapidly growing use on a very large scale.
Even with this assumption, EIA concludes that S. 2191 “increases the cost of using energy, which reduces real economic output, reduces purchasing power, and lowers aggregate demand for goods and services.“ Specifically, EIA estimates that S. 2191 will result in a $76 - $723 increase in average annual household energy bills (excluding transportation costs) and a $444 billion to $1.3 trillion loss gross domestic product by 2030.
In short, the Senate is trying to raise you energy bills even when they are at an all-time high.
H/T Michelle Malkin
Topics: Economy, Global Warming |
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