A vampire bill 0

David Limbaugh points this out in writing about the Waxman-Markey ‘cap-and-trade’ bill: 

Climate scientist Chip Knappenberger, of New Hope Environmental Services, calculates that the bill would only reduce Earth’s temperature by 0.1 to 0.2 degree Celsius by 2100. The Heritage Foundation’s Ben Lieberman says he’s found no “decent refutation of the assertion that the temperature impact would be inconsequential.”

Unfortunately, the bill’s negative impact on the economy would not be inconsequential. Lieberman says the bill would cause estimated job losses averaging about 1.15 million from 2012-2030, and the cumulative projected loss in gross domestic product would be almost $10 trillion by 2035. The national debt from this bill alone, disregarding the multiple bailouts, stimulus packages and health care “reform,” would increase by 2035 for a family of four by 26 percent, or $115,000…

In addition to all the economic destruction the bill would cause, in the end, it is not so much about global warming as Obaman wealth redistribution. “The Foundry” says Obama’s own budget “promises to raise $650 billion in revenues by selling carbon permits (which are the exact same thing as an energy tax),” only $150 billion of which will go to alternative energy production. The rest will be redistributed to people who “don’t pay income taxes.”

Read the whole article here.

Posted under Commentary, Economics, United States by Jillian Becker on Friday, July 10, 2009

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