CAP and TRADE As the Wall Street Journal noted in a recent editorial, *(my side note,FYI- 85% of this bill goes to special interests.)
“Hit hardest would be the ‘95 percent of working families’ Mr. Obama keeps mentioning, usually omitting that his no-new-taxes pledge comes with the caveat ‘unless you use energy.’ Putting a price on carbon is regressive by definition because poor and middle-income households spend more of their paychecks on things like gas to drive to work, groceries or home heating.”
According to a study by the global consulting firm CRA International, the President’s cap-and-trade program will increase natural gas prices 39 percent by 2020 and 56 percent by 2025. Electricity prices are estimated to increase 27 percent by 2020 and 44 percent by 2025. CRA projects that cap-and-trade will ultimately increase gasoline prices by 74 cents per gallon.
Then there are the job losses. Coal, the primary target of cap-and-trade, currently provides half the nation’s energy. Under cap-and-trade, coal plants will either be forced to shut down or their energy will be prohibitively expensive, crippling many coal-dependent industries, utilities and communities. Even counting the new jobs in alternative energy development projected by the White House, CRA estimates cap-and-trade will cost more than three million jobs.
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