Senate bill would do great harm to the economy and little good to the environment.Â
By Michele BachmannÂ
From its name, cap-and-trade legislation sounds harmless enough. Unfortunately, cap-and-trade would be more aptly called “tax and trade” or “tax and spend” and it is far from harmless, posing a serious threat to our economy and our personal freedoms.
A parliamentary maneuver was used on Friday to kill debate in the Senate, but this is only the beginning. With many national leaders, influential lobbyists and powerful special-interest groups pushing hard for a cap-and-trade bill, there is no doubt that this is going to be a hot debate in the months to come as well.
The bill in question is called America’s Climate Security Act. However, like the subject of this bill, global warming, the legislation has been the subject of considerable hype and little hard-nosed analysis.
In this case, the federal government would impose arbitrary limits on six emission gases, with the primary emphasis on carbon dioxide. In order to prevent or “cap” these emissions, the government would sell permits to power plants, refineries, and natural gas producers, among others. To offset losses, the costs of the permits will be passed along in the form of increased energy costs to consumers (much like an energy tax).
As if costs weren’t high enough already, now American businesses and users of energy — nearly everyone — would have to pay more for the right to use energy. One of the bill’s main advocates, Sen. Barbara Boxer, D-Calif., estimates the cost of these permits at $6.7 trillion by 2050. The federal government is estimated to directly receive $3.32 trillion, with $3.42 trillion in permits sold by other parties. American consumers will still pay the full $6.7 trillion tab.
Read the rest of this piece at Star Tribune.