For Kansas, this legislation will cause incomes to drop by $805 (in real dollars) by 2030, cost the state 5,690 jobs and cost the state $1.1 Billion in Gross State Product. This is just for a small state like Kansas. It will cost Texas over 41,000 jobs.
Defeating this legislation is critical to the long-term prosperity of our country. From Will's column today:
Speaking of endless troubles, "cap-and-trade" comes cloaked in reassuring rhetoric about the government merely creating a market, but government actually would create a scarcity so government could sell what it has made scarce. The Wall Street Journal underestimates cap-and-trade's perniciousness when it says the scheme would create a new right ("allowances") to produce carbon dioxide and would put a price on the right. Actually, because freedom is the silence of the law, that right has always existed in the absence of prohibitions. With cap-and-trade, government would create a right for itself -- an extraordinarily lucrative right to ration Americans' exercise of their traditional rights.
What cap-and-trade is really about is taxes.
A carbon tax would be too clear and candid for political comfort. It would clearly be what cap-and-trade deviously is, a tax, but one with a known cost. Therefore, taxpayers would demand a commensurate reduction of other taxes. Cap-and-trade -- government auctioning permits for businesses to continue to do business -- is a huge tax hidden in a bureaucratic labyrinth of opaque permit transactions
Finally...
Regarding McCain's "central facts," the U.N.'s World Meteorological Organization, which helped establish the Intergovernmental Panel on Climate Change -- co-winner, with Al Gore, of the Nobel Prize -- says global temperatures have not risen in a decade. So Congress might be arriving late at the save-the-planet party. Better late than never? No. When government, ever eager to expand its grip on the governed and their wealth, manufactures hysteria as an excuse for doing so, then: better ever.
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