Follow The Money On Cap And Trade

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Yesterday, I posted the map showing which states will benefit if the Cap and Trade Bill is passed and which states will lose money.  Today the Washington Times has posted an article showing where some of the money taken from Americans in that bill would be going.  Although Americans will pay dearly in energy costs if the bill is passed, some companies will do very well. 

According to the article:

"As part of the far-reaching climate bill, the House is set to vote Friday on a plan to pay companies billions of dollars not to chop down trees around the world, as a way to reduce global warming.

The provision, called "offsets," has been attacked by both environmentalists and business groups as ineffective and poorly designed. Critics contend it would send scarce federal dollars overseas to plant trees when subsidies are needed at home, while the purported ecological benefits would be difficult to quantify."

The Wall Street Journal points out:

"The hit to GDP is the real threat in this bill. The whole point of cap and trade is to hike the price of electricity and gas so that Americans will use less. These higher prices will show up not just in electricity bills or at the gas station but in every manufactured good, from food to cars. Consumers will cut back on spending, which in turn will cut back on production, which results in fewer jobs created or higher unemployment. Some companies will instead move their operations overseas, with the same result.

When the Heritage Foundation did its analysis of Waxman-Markey, it broadly compared the economy with and without the carbon tax. Under this more comprehensive scenario, it found Waxman-Markey would cost the economy $161 billion in 2020, which is $1,870 for a family of four. As the bill's restrictions kick in, that number rises to $6,800 for a family of four by 2035."

There are some people who stand to make a lot of money if this bill passes--as the rest of us watch our country's economy and our family budgets struggle to keep up with the additional expense.  This is not the way to fight 'global warming' (assuming it exists and is man-made).  This is a way to strangle the American economy. 

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This page contains a single entry by Granny G published on June 25, 2009 6:52 AM.

The Wrong Decision At The Wrong Time was the previous entry in this blog.

We've Lost Three Cultural Icons is the next entry in this blog.

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