Yup, they’ve gone and done it. It isn’t enough that we’ve been saddled with enormous debt. Now we’re on the hook for huge tax increases unless the Senate comes to their senses.
Landmark legislation to curb U.S. greenhouse-gas emissions was approved by the House of Representatives in a close vote late Friday, securing an initial victory for a cornerstone of President Barack Obama’s agenda.
After months of negotiations, the Democratic-controlled House has narrowly passed sweeping legislation calling for the nation’s first-ever limits on pollution linked to global warming. Stephen Power explains the bill’s implications.
The 1,200 page bill — formally known as the “American Clean Energy and Security Act” — will reach into almost every corner of the U.S. economy. By putting a price on emissions of greenhouse gases, such as carbon dioxide, the bill would affect the way electricity is generated, how homes and offices are designed, how foreign trade is conducted and how much Americans pay to drive cars or to heat their homes.
The House climate bill, approved by a 219-212 vote Friday evening, would mandate that 15% of the nation’s electricity come from renewable sources such as wind and solar power by 2020, potentially expanding the market and profit potential for companies in those sectors. Towards that goal, it seeks to boost nascent industries such as wind-generated electricity and solar power.
Now I like the sun and the wind as much as the next guy, but don’t you think that if someone could sell electricity cheaper by building a windmill they would have done it by now? Hmmm?
But it isn’t clear how much of the sprawling House bill will survive in the Senate, where moderate Democrats and Republicans could form a majority that backs less ambitious action. Among the potential problem areas: the House bill has a provision that would impose tariffs on goods imported from countries that don’t match U.S. carbon dioxide restrictions — a slap at China and India that some business interests fear could provoke a trade war.
Yes, that’s what we need. a trade war with our major debt pusher so that not only will we pay higher taxes, we will also pay more for imported Chinese products, thus further dampening the economy.
Mr. Obama and House leaders struggled to win over a large group of rank-and-file Democrats who expressed doubts about the climate bill. The president lobbied hard personally and through top aides to secure votes from wavering members over the past several days. But in the end, 44 Democrats defected, joining 168 Republicans in opposition. Eight Republicans crossed party lines to support the bill.
Mr. Obama and other top Democrats insisted the measure will spur job-creating investments in “green” technologies, while lessening U.S. reliance on foreign oil. They said the fear that higher energy costs will result is overblown, in part because savings from energy-efficiency investments could offset most or all of the costs to consumers.
Of course! Higher energy costs are an illusion. How could ever be so mistaken! The government has promised that the costs won’t be that much and we all know the government never underestimates the cost of anything.