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10/2/2009
Cap and Trade. Always follow the money
Follow the money. Always follow the money. A revealing article from the Heritage Foundation this week links to “a tremendous synopsis” of the Waxman-Markey cap-and-trade bill.
Heritage includes “one particularly revealing part” of the paper, A Federal Leviathan: The American Clean Energy and Security Act of 2009 is a comparison of generous handouts in the bill – and it’s very clear that not every industry comes out a winner.
What the bill does is “hand out” generous allowances to some industries to fund carbon emissions costs created by the bill. Electric utilities, natural gas distributors and “energy-intensive, trade-exposed industries” fare very well. Those in the refining and petroleum products industry are huge losers. (As of course, are we – Heritage reminds us of their calculation that cap-and-trade will cost the average family of four $3,000 a year.)
Moonbattery (h/t Dad29) shares similar revelations from the Institute for Energy Research. It’s a good article.
"The Waxman-Markey bill distributes roughly $778 billion in free emission allowances to various politically favored industries and others between 2012 and 2020, at the direct expense of non-favored industries and U.S. consumers. The ultimate impact of this giveaway of emission allowances is to transform the already regressive gross burden of a cap-and-trade system into a highly regressive federal climate policy that effectively redistributes tens of billions of dollars per year from low- and middle-income households to high-income shareholders." [Emphases mine.]
Translation, the bill is set up to increase taxes on the middle-class and transfer those taxes to politically-connected industries.
Another key mouthpiece for U.S. business interests – the U.S. Chamber of Commerce - has taken a strong stance against Waxman-Markey “because it would not reduce the global level of greenhouse gases in the atmosphere” and because
There should be a comprehensive legislative solution that does not harm the economy, recognizes that the problem is international in scope, and aggressively promotes new technologies and efficiency. Protecting our economy and the environment for future generations are mutually achievable goals. In important announcements, four companies announced in the last week they will not be renewing their U.S. Chamber of Commerce memberships.
Exelon, Nike, Pacific Gas & Electric, PNM Resources.
Yup, look at the chart from the “Federal Leviathan” – all are Waxman-Markey winners.
Not so coincidentally, all also were members of the U.S. Climate Action Partnership (US CAP) that wrote the blueprint for Waxman-Markey.
Look for possible U.S. Chamber-related actions from other US CAP members, including Caterpillar, GE, Johnson & Johnson, Siemens, Alcoa, Dow Chemical, Deere & Company and Duke Energy.
Funny. The corporations don’t say anything about friendly Waxman-Markey money in revealing their split with the U.S. Chamber. For them, it’s all about “climate change and the critical need for urgent action.”
Indeed. Follow the money.
Jo Egelhoff, FoxPolitics.net
COMMENTS
More on Cap & Trade...
Joe (Fri Oct 02 06:41:30 2009)
Geez, Jo, you finally found something we agree on. Cap and trade makes sense in time, but not now. it will drive companies to outsource jobs to other that do not have C&T. Our CEOs don't care about "right," they care about their salaries and bonuses (profits), and the workers will take the hit. Only when C&T becomes a worldwide requirement will it make sense.
And though you only seem concerned when Dems roll over to the special interests, "follow the money" is a bipartisan problem that must be fixed if this country is going to recover. Corrupt governments are not sustainable.
Jack Lohman (Fri Oct 02 08:27:08 2009)
Jack, I don't recall Jo saying it was OK if the corruption came from the Republocrtas...what we need are STATESMEN, not Politicians.
emily matthews (Fri Oct 02 17:07:40 2009)
I agree, Emily, but politicians (both R's and D's) are funded by special interests and statesmen are funded by the public infrastructure. That's why we need public funding of campaigns. Then you wouldn't have to "follow the money."
Jack Lohman (Fri Oct 02 20:19:01 2009)
I would agree with some of the commentary here, but for one factoid: Global warming is a hoax!
Destroying our national economy and making America a third world country over a hoax like this is a travesty.
We need statesmen that will call this scam what it is - a taxing scam.
Duke (Sun Oct 04 18:53:08 2009)
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