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Bag ’em and Tag ’em, Cap ’em and tax ’em

This is trophy hunting at it’s best! (sarcasm)

Democrats Hot for Global Warming Legislation

House Energy and Commerce Committee Chairman Henry Waxman (D-CA) won a victory on his 1,000-page cap and trade (read: cap and tax) bill Thursday when it passed his committee on a party line 33-25 vote. The bill ostensibly tackles global warming by creating a system in which industrial producers of greenhouse gas emissions would be required to meet a government-imposed cap on their emissions, but would allow them to purchase credits that cover emissions exceeding the cap.

Initially, Obama wanted the credits to be auctioned off, with the estimated $629 billion in proceeds to go to other government-subsidized programs, of which he has no shortage. Congress thought otherwise, though, and instead will allow the EPA to dole out 85 percent of the credits for free to various energy producers and states. The remaining 15 percent would be auctioned off, with the proceeds going to low- and middle-income families hardest hit by the inevitable rise in electricity costs that will come after the program is in place.

This brings us to why Waxman is in such a hurry to get this bill through the House. The Congressional Budget Office estimates that 80 percent of Americans can expect a rise in their energy bills and a reduction in real income because of the cap and trade bill. What amounts to a national energy tax also will cost jobs, as the bill itself admits. Part 2, section 426, states: “An eligible worker, specifically workers who lose their jobs as a result of this measure, may receive a climate change adjustment allowance under this subsection for a period of not longer than 156 weeks.” That’s three years for those educated in public schools.

Unfortunately, consumers know very little about the cap and trade legislation (and as seen in this video, neither does Waxman. According to a recent Rasmussen poll, only 24 percent of voters know what cap and trade is; 29 percent thought it was related to Wall Street and 17 percent thought it was related to health care reform. Fully 30 percent didn’t have a clue what the term even meant. And that fits perfectly into the Democrats’ plan.

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This entry was posted on May 24, 2009 at 09:47 and is filed under Economics, Editorial, Opinion, Education, Law, News, Non Compos Mentis, Politics, Wordpress Political Blogs. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.