Category Archive 'Cap and Trade'

06 Jul 2009

Interest Groups Opposing Cap-and-Trade Bill

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House members never bothered to read the Cap and Trade Bill, but Iowahawk did, providing in his latest an update on some key provisions provoking controversy.

The President’s landmark ‘Cap and Trade’ bill faces an uncertain fate this week, as congressional backers of the carbon-limiting legislation face mounting opposition from a myriad of interest groups angered by its controversial ritual virgin sacrifice provision.

“We are asking our members to send a strong message to Washington that this bill is wrong for America’s energy future, and wrong for the virgin community,” said Bret ‘Aslan’ Crawford, a spokesman for the Action Figure Collectors of America. “Power virgins, activate!”

The 87,492 page bill — official designated as the American Patriotic Renewal Act of 2009 for Carbon Reduction, Energy Independence, Heathy Climate, Sustainable Job Growth, Adorable Puppies, and Earthly Paradise — is a keystone in President Obama’s first year legislative agenda, and was originally anticipated to get swift congressional passage. Instead, it faced a unexpectedly tough vote in the House last week after coal state Democrats complained it would place an unfair economic burden on their home districts.

In order to secure the votes of wavering Democrats, House leaders Nancy Pelosi and Henry Waxman inserted several last minute amendments to the legislation, including provisions for national oxygen rationing, witch burnings, dousings, and phrenology research. But the one that has seemingly stoked a grassroots backlash is the controversial Sexually Inexperienced Citizen Environmental Volunteer Amendment. The wording of the amendment calls for all American virgins over the age of 21 to register with the Selective Sacrifice Board, for possible use as victims in nationally televised vivisections intended to “supplicate the Earth-Spirits.” …

“Congress and the Administration really stirred up a hornet’s nest of virgins with this bill,” said longtime Washington-watcher Michael Barone. “The response really caught them flat-footed. I don’t think they realized just how adept the virgin community is at computers, and how much time they have between ComiCons or SpaceCons or whatever-cons. Instead of calling into sports radio shows, now they’re calling the capitol switchboard.”

House Speaker Nancy Pelosi (D-CA) defended the bill, saying that “it is critical that we do something immediately to show we are serious about solving this climate crisis. Without burnt offerings of taxes and virgins, Gaia will smite us all in her angry burning wrath. So let me just say to the corporate and virgin special interest groups — don’t come crying to us in 400 years, when our temperatures are up almost 1 degree celsius.”

Pelosi denied the bill was anti-consumer, pointing out it contains specific infrastructure and job creation funds. It specifies 500,000 unionized positions to construct a planned 300-foot tall National Eco Pyramid and Virgin Sacrifice Altar in Youngstown, Ohio, as well as funds to train over 20,000 youth volunteer earth-priests in live beating heart removal.

Hat tip to Karen L. Myers.

26 Jun 2009

House Vote Today on New Smoot-Hawley Bill, Biggest Tax Increase in American History

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Jim Lindgren, at Volokh Conspiracy, warns that today is the day. The key basis for Barack Obama and the democrat party’s new Even Greater Depression will be voted on in the House of Representatives today. If Nancy Pelosi can bribe enough farm state democrats with ethanol subsidies into getting in line, you may very well need to kiss the American Economy as you’ve know it good-bye.

Before the last few years, scholars used to say that we couldn’t get a depression today because policymakers wouldn’t make mistakes as bad as the ones they made in the 1930s. Though we’ve made some great moves in the last year — increasing the money supply and guaranteeing money markets funds — we’re also repeating many of the same mistakes as Hoover and FDR (propping up failing industries; raising taxes; wasting money on unneeded public works projects; corruption; expensive new anti-business government programs).

Certainly, the Smoot-Hawley bill of 1930 was dumb; it imposed huge tariffs on foreign goods imported into this country, which backfired when those countries raised their tariffs too. In a sense, cap-and-trade looked like it would be even dumber; it seemed that it might impose a tariff on our own US manufactured goods, but not on foreign goods. But the House realized this and decided to require the administration to impose tariffs on goods imported from countries that don’t restrict their own emissions to the same extent as the US (tip to Maguire and OandO. This 21st century version of Smoot-Hawley will probably take years before the tariffs will be imposed.

The cap-and-trade bill, if passed by the Senate and actually implemented over the next few decades, would do more damage to the country than any economic legislation passed in at least 100 years. It would eventually send most American manufacturing jobs overseas, reduce American competitiveness, and make Americans much poorer than they would have been without it.

The cap-and-trade bill will have little, if any, positive effect on the environment — in part because the countries that would take jobs from US industries tend to be bigger polluters. By making the US — and the world — poorer, it would probably reduce the world’s ability to develop technologies that might solve its environmental problems in the future.

If this bill were very likely to pass the Senate and if the restrictions were to be phased in quicker in the early years of the program than the bill provides, then a double-dip recession would be a near certainty.


The Wall Street Journal explains how much this is going to cost.

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.

Note also that the CBO analysis is an average for the country as a whole. It doesn’t take into account the fact that certain regions and populations will be more severely hit than others — manufacturing states more than service states; coal producing states more than states that rely on hydro or natural gas. Low-income Americans, who devote more of their disposable income to energy, have more to lose than high-income families.

Even as Democrats have promised that this cap-and-trade legislation won’t pinch wallets, behind the scenes they’ve acknowledged the energy price tsunami that is coming. During the brief few days in which the bill was debated in the House Energy Committee, Republicans offered three amendments: one to suspend the program if gas hit $5 a gallon; one to suspend the program if electricity prices rose 10% over 2009; and one to suspend the program if unemployment rates hit 15%. Democrats defeated all of them.

The reality is that cost estimates for climate legislation are as unreliable as the models predicting climate change. What comes out of the computer is a function of what politicians type in. A better indicator might be what other countries are already experiencing. Britain’s Taxpayer Alliance estimates the average family there is paying nearly $1,300 a year in green taxes for carbon-cutting programs in effect only a few years.

Americans should know that those Members who vote for this climate bill are voting for what is likely to be the biggest tax in American history. Even Democrats can’t repeal that reality.

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