Along with raising taxes on businesses, raising taxes on the “rich,” and allowing the Bush tax cuts to expire…
President Obama will also announce the implementation of an expensive cap and trade energy policy this week to battle pretend global warming.
The plan could cost the US over a trillion dollars.
The New York Times is just tickled pink to report this news today:
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.
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The potential costs for a cap and trade plan are enormous.
Human Events reported:
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.
Is it any wonder that the stock market just had its worst January since 1896?
Is is any wonder Wall Street gave Obama a Big Fat “F” for his first month in office?
Is it any wonder the stock market is off nearly 10% from the day before the inauguration?
…Welcome to the age of hope and change.
Related… Jules Crittenden rips on Obama’s teaser that he’s going to cut the deficit in half… The same week he signed the largest spending bill in US history.