The Waxman-Markey Global Warming Tax
Posted By Rory Cooper On May 20, 2009 @ 2:41 pm In Energy and Environment | 16 Comments
KILLS MORE JOBS AND KILLS THE ECONOMY
Cap and Tax Top Ten List
- Cap and Trade Is a Massive Energy Tax 
- It Will Not Make a Substantive Impact on the Environment 
- It Will Kill Jobs 
- It Will Cause Electricity Bills and Gas Prices to Sharply Increase 
- It Will Outsource  Manufacturing Jobs and Hurt Free Trade
- It Will Make You Choose  Between Energy, Groceries, Clothing, and Haircuts
- It Will Be Highly Susceptible to Fraud and Corruption 
- It Will Hurt Senior Citizens , the Poor, and the Unemployed the Worst
- It Will Cost American Families  $2,979 a Year
- President Obama Admitted  “Electricity Rates Would Necessarily Skyrocket” Under a Cap-and-Trade Program (January 2008) -follow link for video
Waxman–Markey Bill: Dumb and Dumber
- Waxman–Markey Global Warming Tax: The cap-and-trade tax proposed by Reps. Henry Waxman (D–CA) and Edward Markey (D–MA) is disguised as environmental legislation when it would have little impact on global temperatures. In fact, it is a massive energy tax  that promises soaring household energy bills, major job losses, income cuts, and a sharp left turn toward big government.
- And It Keeps Getting Worse: The original draft of Waxman–Markey was so bad for the economy that moderate Democrats demanded it be changed. The new version, believe it or not, is much worse . Real GDP losses increase to $9.4 trillion.
- And Why Is It Getting Worse? Attempts to reduce costs to consumers in the current bill do ease some near-term economic pains, but because “pollution permits” are handed out as subsidies, debt is driven up, interest rates increase, and businesses significantly reduce the investments that drive the overall economy, resulting in a more costly bill .
- Green Jobs Are a Myth; Real Job Losses Are Not: For every “green job” created, others are wiped out. Average unemployment increases to 1,145,000 lost jobs  in the current version.
- Your Family Will Pay: Waxman–Markey will raise electricity rates 90%  after adjusting for inflation, gas prices 58%, natural gas prices 55%, and an average family’s annual energy bill by $1,241.
And What Do We Get After We Tax the Weather?
- The Ultimate Outsourcing: India and China  have repeatedly said they would not match U.S. environmental goals in order to protect their economies. Cap and trade will merely move manufacturing jobs  to China and India .
- Environmental Status Quo: All of the outrageous costs  associated with this bill may at best result in 0.2 degree drop in temperature by the end of the century, and most likely even less.
- Massive Corruption: The New York Times reports that cap and trade “is almost perfectly designed for the buying and selling of political support through the granting of valuable emissions permits to favor specific industries and even specific congressional districts ” (May 20, 2009).
- An Alternative That Supports American Taxpayers: Instead of appeasing a radical environmental agenda, President Obama should give us access to all energy sources , including domestic oil production, nuclear energy, coal, and new renewable fuels. Instead of new taxes, the President should aim to lower gas and electricity prices. When government impediments are lifted, America’s energy entrepreneurs can develop innovative and market-driven solutions to our energy needs.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2009/05/20/the-waxman-markey-global-warming-tax/
URLs in this post:
 Massive Energy Tax: http://www.heritage.org/News/Cap-and-Trade-Global-Warming-Bill.cfm
 President Obama Admitted: http://www.foundry.org/2009/04/22/earth-day-update-the-left-does-understand/
 The new version, believe it or not, is much worse: http://www.heritage.org/Research/EnergyandEnvironment/wm2450.cfm
 India and China: http://www.heritage.org/Research/EnergyandEnvironment/wm2168.cfm
 merely move manufacturing jobs: http://www.heritage.org/Research/Economy/wm1723.cfm
 China and India: http://www.heritage.org/Press/Commentary/ed040609f.cfm
 All of the outrageous costs: http://www.heritage.org/Research/EnergyandEnvironment/tst050709b.cfm
 favor specific industries and even specific congressional districts: http://www.nytimes.com/2009/05/17/us/politics/17cap.html?_r=1&hp
 Obama should give us access to all energy sources: http://www.heritage.org/LeadershipForAmerica/energy-and-environment.cfm
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