Obama Warned Us: Cap & Trade Will Cause Electricity Rates to Skyrocket & Will Bankrupt the Coal Industry (Video)
BARACK OBAMA ANNOUNCED IN 2008 THAT HIS CAP & TRADE LEGISLATION WOULD CAUSE ELECTRICITY RATES TO SKYROCKET AND WOULD BANKRUPT THE COAL INDUSTRY
Barack Obama admitted last year that cap and trade legislation would cause electricity prices to skyrocket in an interview with The San Francisco Chronicle:
“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.”
Cap and trade will likely cost $700 to $1,400 dollars per US family per year:
Democratic Congressman John Dingell (D-MI) summed up cap and trade at a Congressional hearing on April 24th– “It’s a Great Big Tax!”
It’s not just a great big tax… It’s the biggest tax in US history.
Let me sort of describe my overall policy.
What I’ve said is that we would put a cap and trade system in place that is as aggressive, if not more aggressive, than anybody else’s out there.
I was the first to call for a 100% auction on the cap and trade system, which means that every unit of carbon or greenhouse gases emitted would be charged to the polluter. That will create a market in which whatever technologies are out there that are being presented, whatever power plants that are being built, that they would have to meet the rigors of that market and the ratcheted down caps that are being placed, imposed every year.
So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.
That will also generate billions of dollars that we can invest in solar, wind, biodiesel and other alternative energy approaches.
The only thing I’ve said with respect to coal, I haven’t been some coal booster. What I have said is that for us to take coal off the table as a ideological matter as opposed to saying if technology allows us to use coal in a clean way, we should pursue it.
So if somebody wants to build a coal-powered plant, they can.
It’s just that it will bankrupt them.”
Obama warned us.
It’s just too bad the state-run media didn’t find these threats newsworthy.