“Under my plan of a cap and trade system electricity rates would necessarily skyrocket. Businesses would have to retrofit their operations. That will cost money. They will pass that cost onto consumers.”
Senator Barack Obama
Speaking on his energy policies
San Francisco Chronicle
January 17, 2008
Barack Obama admitted in an interview with The San Francisco Chronicle during the campaign that cap and trade energy policy would “cause electricity prices to skyrocket.”
Via Special Report with Bret Baier
White House Budget Director Peter Orszag also admitted this week that the cost of cap and trade on consumers would be enormous.
Boy, this sounds like an excellent program to introduce during a recession.
UPDATE: Obama believes his budget plan will make things more “just.”
The president’s budget increases taxes on every American, and does so during a recession,” Rep. Dave Camp, R-Mich., told Geithner.
Camp also complained about provisions that would limit the size of charitable contributions that could be taken by families earning more than $250,000 a year.
But Geithner defended the overall proposal, saying far more people would benefit from lower taxes under the plan. He said the budget reflects what Obama viewed as “a deep moral imperative to make our society more just. But it’s very good economic policy too. It will mean there is again a fairer, more equitably shared tax burden on the vast majority of Americans.”
Hat Tip Tom W.