As reported in the NYT:
Full details of Mr. Obama’s budget for the 2010 fiscal year will be released in April. The outline on Thursday will make clear that he intends to push ahead on promises to contain health care costs and expand insurance coverage, and to move toward an energy cap-and-trade system for controlling emissions of gases blamed for climate change.
Human Events shows the costs of such a system:
The potential costs to America from cap-and-trade policies are enormous. The Department of Energy estimates that S. 2191, the Warner-Lieberman cap-and-trade proposal, will increase the cost of coal for power generation by between 161% and 413%. DOE estimates GDP losses (see chart) over the 21-year period they forecast, at between $444 billion and $1.308 trillion, with particular damage to the manufacturing sector. (This gives some hope that organized labor will, in a rare occurrence, oppose Democratic leaders on this issue.) Winegarden estimates that this bill could increase unemployment by 2.7% or about 4 million jobs. In fact, companies are already preparing to avoid increased level and volatility of American energy prices by setting up factories and partnerships in countries which won’t be subject to cap-and-trade restrictions…proving with real-world behavior of producers that no carbon-limiting regulation can succeed if it is not universal.
Yep, 4 million jobs. Let’s face it, cap and trade is just another redistribution program. This time from one company to another. I suppose the idea is to make companies produce less emissions to solve a problem that doesn’t really exist. What it will do for sure is cost companies billions of dollars in a thinly disguised tax. Just what the economy needs isn’t it?
h/t GatewayPundit
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Tags: budget, global warming
