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Cap and Trade Dementia
By Peter Ferrara on 7.1.09 @ 6:09AM
Barack Obama called for House passage of the cap and trade tax bill last Friday by calling it a jobs bill. The bill is designed to raise the price of energy in the U.S. so much that it will reduce the use of fossil fuels by 17% by 2020 and by 83% by 2050. Sentencing the U.S. economy to high cost energy is not a particularly good strategy for creating jobs. The Charles River Associates, a Harvard based economics consulting firm, estimates a net loss of jobs from the bill of about 2.5 million each year.
This is surely a gross underestimate of the net job losses from a bill designed to reduce the use of fossil fuels to the level in 1907. All those soccer moms better get used to riding their horses to the grocery store and back. And their husbands better get used to working the farms again, by hand, as high cost energy will chase remaining American manufacturing out of the country to India and China, which do not suffer from Al Gore's delusions about supposed global warming.
Yet Barack Obama calls it a jobs bill. This reflects a by now well-established pattern of deceptive, misdirection rhetoric, raising broadly appealing ideals in promotion of policies that would do just the opposite. For example, Obama is also trying to sell us a new health care entitlement, larger than any of our already grossly overgrown entitlements we can't finance, with the argument that it will actually reduce costs, even while CBO estimates that it will increase Federal spending by $1.6 trillion (woefully underestimated).