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  • Morning Bell: Ed Markey's Illuminating Marker

    Editorializing in favor of the Lieberman-Warner cap-and-trade bill set to be debated in the Senate next week, the New York Times urges liberals to “make sure that the economics of this debate are framed in a positive way.” The newspaper need not worry: liberal activist groups and politicians have been trying to spin the largest tax increase in the history of mankind as boon for the economy for some time now. Sen. Hillary Clinton says her cap-and-trade plan would create 5 million new jobs. Sen. Barack Obama promises to use funds from taxing carbon to spend $210 billion to create 5 million new jobs. And the Natural Resources Defense Council recently took out a full-page ad in, of all places, the New York Times blaring “THE ECONOMIC STIMULUS PLAN THAT CAN SAVE THE WORLD.” The “plan” the NRDC was referring to: the Lieberman-Warner cap-and-trade bill.

    If you want to trust the NRDC, you are free to do so. But the Congressional Budget Office estimates the bill would raise taxes on energy by $1.13 trillion by 2018. An MIT study shows it would raise gas prices 42% by 2020 and the price of electricity by 55% by 2015. The EPA estimates Lieberman-Warner would reduce the growth of GDP by between 0.9% and 3.8% by 2030 and between 2.4% and 6.9% by 2050. Only hardcore environmental activists could call those results “economic stimulus.”

    But perhaps liberals in Congress really do believe a de facto carbon tax like the Lieberman-Warner bill would be a boon for the economy. But if so, why stop at Lieberman-Warner’s relatively modest goals of a 70% reduction in carbon emissions by 2050? If imposing huge energy taxes on American families is so good for them, why not go further? Rep. Ed Markey (D-Mass.) would do just that. Next week he will introduce a cap-and-trade bill in the House that would cut emissions by 85% by 2050. Even better, instead of giving away some carbon credits to favored industries like the Lieberman-Warner bill does, Markey would force energy users to buy all their carbon allowances. Markey says his emissions permit auction would generate $8 trillion in revenue. In other words, Markey wants to impose a new $8 trillion energy tax on American consumers. Now that is an economic stimulus plan the NRDC can get behind!

    Speaker Nancy Pelosi probably will not bring Markey’s bill to the floor of the House for a vote this year. Best not imperil freshman Democrats in swing districts by forcing them to vote for an $8 trillion tax increase that their constituents know would kill the U.S. economy. But that doesn’t mean conservatives in the Senate should let the Markey bill die a quiet death. They should bring it with them to every debate and force proponents of Lieberman-Warner to admit their economic stimulus claims are pure spin.

    Quick Hits:

    • Due to Congress’ inability to pass a supplemental spending bill for troops, the Pentagon has asked lawmakers for the authorization to borrow and transfer $9.7 billion from various accounts to pay for war operations in Iraq and Afghanistan.
    • Argentina farmers resumed their national strike in protest of the leftist government’s crippling export tax.
    • The United States has filed a complaint with the World Trade Organization over European tariffs, as high as 14%, on technology goods from companies such asHewlett-Packard, Apple and Cisco Systems.
    • Fifty-six percent of voters nationwide say that the economic stimulus package passed earlier this year has had no impact on the economy, and if another stimulus package is passed, just 17% believe the economy will get better and 21% say it will get worse.
    • Monkeys Control Robot Arms With Their Thoughts
    Posted in Ongoing Priorities [slideshow_deploy]

    9 Responses to Morning Bell: Ed Markey's Illuminating Marker

    1. bill-tb says:

      You know, I thought new tax dollars to control the weather were supposed to be used to at least pretend to control the weather — not fund the peace core, or the latest liberal wet dream.

    2. Harry- Chicago says:

      Just when you thought the liberals couldn't get any crazier, we give you this crap! I hope and pray these are squashed and the republicans stand up against these insane bills. If not, we need to run them out of office as well because anyone who would vote for this is no conservative.

    3. John Locke,Mt. Union says:

      All three of our illustrious POTUS candidates favor the Lieberman-Warner biggest tax increase bill. Let's call it what it is! This bill is economic ruin. I have written my representatives I urge all to do the same. I will meet John McCain on Monday and voice my discontent about his support. I worry that it shall fall on deaf ears. I agree that any politician who is for this bill should not get our votes. God Bless America!

    4. scott brothers,monti says:

      We as republican we need to stand together.To fight the lib's so they don't pass thier bills. I know it's tough but we need to stand together on this. fight!!!! fight!!! fight!! We can take back our country!!!!!!!

    5. scott brothers,monti says:

      We as republican we need to stand together.To fight the lib's so they don't pass thier bills. I know it's tough but we need to stand together on this. fight!!!! fight!!! fight!! We can take back our country!!!!!!! Need to fight for our family,country and god

    6. duke, scottsdale says:

      BOB BARR

    7. Joel, Evergreen says:

      I urge all citizens to write your Congressional representatives to not vote for this bill, otherwise they will not be electable. This bill is pure insanity & will costs us Trillions.

    8. Pammie, FLorida says:

      He looks like a dofus and is probably a lawyer who never held an honest job in his life. Where do these idiots spring from anyway?

    9. Darrel Baird, Kent says:

      ALL GOVERNMENT ALLOCATIONS SHOULD BE REQUIRED, BY LAW, TO BE CLASSIFIED AND LABELED

      "TAX"!!!!!!!!!!!!!!

      Users fees, Congress mandated funds, permits,and other B.S. named confiscations of private equity are TAXES!

      We all know that the typical liberal propaganda instuction guide mandates that the word "TAX" not be used on any confiscation of money from the masses.

      Call it what it is then let the TAXPAYERS decide !

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