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WASHINGTON -- A top White House economic adviser told Senate staff a proposed cap and trade system could raise "two-to-three times" the administration's existing $646 billion revenue estimate, according to five people at the meeting.
This could mean the cap and trade system could actually generate between roughly $1.3 trillion and $1.9 trillion between fiscal years 2012 and 2019.
Jason Furman, deputy director of the National Economic Council, offered the estimate at a Feb. 26 meeting on Capitol Hill with a bipartisan group of staffers, most of whom are attached to the Senate Finance Committee, according to five Senate aides who attended the meeting. They spoke on condition they wouldn't be identified by name.
How's that for some of the "The Reality". This will lead to another massive federal welfare program with you the taxpayer footing the bill.
How's that for some of the "The Reality". This will lead to another massive federal welfare program with you the taxpayer footing the bill.
Good thing it's all pretend monopoly money otherwise we could irreversibly damage our economy.
Hey, if you look hard enough you can alway fine a silver lining. China is going to keep right on burning all the cheap coal they can get their hands on making our exports even more needlessly expensive relative to Asian ones.
We have precious few advantages in the world economy right now. That we are the Saudi Arabia of coal is a bright spot. That we have decided to not take full advantage of our coal reserves at a time when multinational corporations have already moved, and are moving, as many money making operations to the third world as they can to avoid our taxes and labor rates is retarded.
the estimates go from about $1200/ family next year, to over $3000/ family in a few years in increased energy costs. But there will be no middle class tax hike!!!
They are too busy being steam rolled by the likes of Al Gore, didn't hear this on the nightly news did we? Matter of fact I hear very few negatives about cap and trade in the mainstream media. They always focus on how it will reduce CO2 emissions but never mention the enormous costs involved. Implementation of a the cap and trade program would have been an economic hardship for nearly everyone in this country prior to the current economic downturn, it's unconscionable to implement such a plan at this point.
Can't believe there is no comments on this. Nobody cares if their electric goes up 50% as is being suggested by some companies?
thats because many do not understand this. I'm more surprised that environmental liberals are not flipped over this. This is actually allowing companies the ability to buy permission to polute....
But.. Obama will pass it, so shhh, until liberals find a way to blame Bush...
This is actually allowing companies the ability to buy permission to polute....
Firstly they are putting a cap on CO2 which is not a pollutant no matter what the EPA says. It's more like a tax on existing companies that do emit a lot of CO2 like power plants and industry. The credits are to be auctioned off and those costs passed onto the consumer. The cost of these credits will steadily rise making energy produced through coal very expensive. At some point it will become so expensive it will no longer be feasible. I Obama's own words they will go bankrupt:
Note that was prior to the election, probably about a year ago if not longer.
As suggested above it will be tax on the middle class, business and industry. This tax will have to go to low income families that cannot afford energy now, without some major funding of LIHEAP they most certainly be left out in the cold.
Last edited by thecoalman; 03-27-2009 at 06:15 AM..
Can't believe there is no comments on this. Nobody cares if their electric goes up 50% as is being suggested by some companies?
The followers of the Anointed One are covering their ears and chanting "LALALALALA...." They've been doing it for months.
Baghdad Bob hasn't got anything on this administration.
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It's more like a tax on existing companies that do emit a lot of CO2 like power plants and industry. The credits are to be auctioned off and those costs passed onto the consumer. The cost of these credits will steadily rise making energy produced through coal very expensive. At some point it will become so expensive it will no longer be feasible. I Obama's own words they will go bankrupt:
