With the onerous Waxman-Markey bill that would set up the cap and trade system, we must know what the actual effects of such a tax (for that's what it really is) will have on the US economy. After reading a number of articles, blog posts, as well as the actual language of the bill, I have to say that Henry Waxman and Ed Markey haven't really thought this through. Their bill will have more far reaching effects than they expect, including reducing the US to a Third World nation due to the overly restrictive conditions while countries like India and China won't be bound by such restrictions. But from what I've seen of Henry Waxman and Ed Markey, they really don't care as long as they can gain more control over our economy, and through it, our lives.
They do not seem to believe that energy is of any significance to our economy or our people. But the truth is it matters to all of us--to those who drive, heat our houses and run businesses, cities, towns, hospitals and schools.
The Manhattan Institute's Jim Manzi concludes that the benefits of Waxman-Markey would not be much. Historical data show that the average rate of warming in the 30 years from 1977 to 2007 was just 0.32 degree Fahrenheit per decade. The expected warming in the next hundred years is estimated to be about 0.50 degree Fahrenheit per decade, and the new bill is estimated to lower global temperatures by about 0.18 degree Fahrenheit by 2100. Manzi estimates the additional economic costs of the bill would be 0.8% of gross domestic product, while the economic benefits would be just 0.08%--so the costs would be 10 times the benefits.
Energy development and creation have been essential to America's success over the past several centuries, and they are important for America's future. But the Obama-Waxman-Markey legislation has it backwards: By reducing energy availability, their proposals would kill jobs, reduce purchasing power, shrink the economy, and raise the cost of every fuel we use.
The Waxman-Markey bill seems more like a “We've got to do something!” bill, to make it look like Congress cares about the unproven and ever more questionable theories on anthropogenic Global Warming. But it's a sham meant to separate us from even more of our money...assuming we'll be able to keep our jobs once the energy we need is no longer available.
This bill also raises another question: What if global warming is disproved and we find we're entering a decades long period of global cooling? Will Congress repeal Waxman-Markey if it turns out we've been sold a lie?
Of course not. Once the Left has control over such a big portion of our economy and our lives, they would be unlikely to give it up, nor stop pushing their agenda.
Fallen Angels indeed.