Free Markets, Free People


CBO Outs Cap-And-Trade Lies – Democrats Don’t Care

Which lies?  Well in this case I’m talking about the lie that cap-and-trade will be a green job bonanza and an overall job producer and that it will stimulate the economy. Not so says the CBO:

So, instead of stimulating economic growth, it will slow it and instead of creating net jobs, it will be a job killer. Tell me again how that’s a “good thing” in a recession?

A House-passed bill that targets climate change through a cap-and-trade system of pollution credits would slow the nation’s economic growth slightly over the next few decades and would create “significant” job losses fr-om fossil fuel industries as the country shifts to renewable energy, the head of the Congressional Budget Office told a Senate energy panel Wednesday.

CBO Director Douglas W. Elmendorf emphasized that his estimates contained significant uncertainties and “do not include any benefits from averting climate change,” but his message nevertheless contrasted sharply with those of President Obama and congressional Democratic leaders, who have suggested that a cap on carbon emissions would help revive the U.S. economy.

How much will it slow the economy? Elmendorf’s estimates:

Elmendorf testified before the Senate Energy and Natural Resources Committee that the cap-and-trade provisions of the House bill — in which emitters of greenhouse gases would be able to buy and sell pollution credits — would cut the nation’s gross domestic product by 0.25 to 0.75 percent in 2020 compared with “what it would otherwise have been,” and by 1 to 3.5 percent in 2050.

That in the face of growing skepticism over the science supporting the premise that a) man is causing the climate change problem and b) that man can actually “change” nature’s direction in that regard.

But that doesn’t matter. Reps Waxman and Markey have decided that it is necessary regardless of the science, cost or what you want. They have a planet to save you see and it’s all our fault we’re in the situation we’re in now:

“The harsh reality is that America’s global warming and energy challenges are just too important for us to keep mailing it in by not enacting a comprehensive energy and global warming bill.”

So they plan on passing this tax which will slow growth, increase joblessness and impact most those who can afford it the least. Why would they concern themselves with that when the possibility exists they might be able to save a couple of polar bears.

Congress’s approval ratings effectively reflect their priorities – and as you can tell, constituents have figured out their priorities have nothing to do with the needs of constituents or the nation.

~McQ

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15 Responses to CBO Outs Cap-And-Trade Lies – Democrats Don’t Care

  • The first direct stimulus reports showed that stimulus contracts saved or created just 30,083 jobs, prompting more Republican criticism of the $787 billion package.

    • … stimulus contracts saved or created just 30,083 jobs…

      It’s discouraging that the administration continues to get away with the deceitful trick of talking about “saved” jobs. To my knowledge, no previous adminstration EVER talked about “saved” jobs when discussing unemployment as there is no way to measure such a thing.

      This is one of the many things TAO has done to damage the presidency and the country. Will future Republican presidents be able to claim “saved” jobs when the economy isn’t doing well?

  • So this amounts to about a million jobs gone and not saved fro “cap-n-tax”

  • Heh, and you can bet that the CBO estimate falls short of the actual damage.
    Everything, EVERYTHING will be effected by this turkey of a bill. Transportation, food, power, commerce in general.

    I’m not sure what ‘right’ the US government has to declare ownership of all CO2/carbon in and around the Continental US but that’s where they’re headed, it just remains to be seen who the new owners are once they start handing out the ownership rights to their buddies.

    • This is a significant market distortion. The government is going to uber-tax smart energy (oil and coal) while it pushes stuped energy (wind and solar). It has mostly banned nuke power, and Jimmy Carter himself (vile little man) banned breeder reactors.

      It looks to me like the real future in energy for transportation remains oil based, in the form of shale oil. But Obama and company want to ruin the future, and tie us to failure.

  • They need to make this a carbon consumption tax, and apply this to imports, otherwise its just one more nail in US manufacturing’s coffin.

    You know, now that we are now exporting our regulations overseas, see the Lacey Act for example, maybe we will eventually be competitive. I hate it, but it creates a level playing field where everyone has to deal with our regulations.

    Oh, and of course, which country makes the money off of cap and trade deals from Europe? CHINA

    The Europeans are paying for Chinese factories to be upgraded…LOL – isn’t that brilliant.

    • “Oh, and of course, which country makes the money off of cap and trade deals from Europe? CHINA”

      Might that be an artifact of a “back, smoke filled room” deal as to China owning so much of our debt?

      Cynical minds want to know.

    • I could go along with a tax on petroleum and coal, it might make some sense, but only if offset with tax reductions elsewhere. You do not raise taxes during a recession unless you want a depression.

  • Oh, and I personally know several Democrats who would love to see us use more nuclear power. I bet they could be tempted to vote for a pro-growth, pro-nuke GOP leader.

    I wonder if Tom Friedman would campaign for that leader, you know, because he knows China does so much better when growth is allowed and environmental studies are ignored, etc.

  • Green Taxnologies will provide more jobs, at least among the Democrat’s campaign contributors and constituents. Of course they’ll cost jobs elsewhere, but that’s what its about. Controlling the flow of money to the Democrat’s friends, to pay back contributors & buy votes.

    The fact that it deteriorates the economy overall is lost on them.

    But then you have the Republicans who will, for a price, run interference for their contributors. Slowing but never reversing the efforts of their Democrat counterparts. Can’t have an extortion ring unless your ‘clients’ are in constant fear.

  • Cap and trade will spell economic ruin for the US. We can not allow it to pass. Voice your opposition to this disastrous legislation at http://tiny.cc/pxIgi.

  • Question: if alarmists have dropped the term “Global Warming” in favor of “Climate Change,” why are we still considering legislation that is intended (ostensibly) to counteract global warming? Presumably, they dropped the term because it no longer applies, and not because it would allow them to package global warming legislation deceptively… right???

  • I find it interesting that even the BBC, of all people, are questioning the consensus of Global Warming, er-uh I mean Climate Change.

  • Anyone “going alone with (enter your favored type of tax here)”.

    WHY? They’re proposing to tax you to stop a non-existent problem, based on consensus ‘science’, and in the process turn our entire way of life ass over teakettle.

    You may as well agree to be taxed on the amount of moon light that falls on your house from June to August every 3rd year when the moon is full.
    It’s bull shit, from start to finish. There is no ‘good’ or ‘acceptable’ reason for ANY of this.