Wednesday, 04 March 2009

Rants

Hey “Atlas:” Three words for ya


Lot of brave talk around the web about “going Galt;[1]” with productive people making noises about easing off so they can duck Obama’s tax increases.

Not so fast, Atlas. Three words: Cap And Trade.

The cost of energy for consumers would be driven higher in Presiden Barak Obama’s proposed budget by a cap-and-trade carbon system that is projected to raise $80 billion a year starting in 2012...

The budget assumes a starting price of $20 per ton for carbon emissions, an amount that Mr. Obama’s aides say is conservative and would likely rise.

The budget projects raising $645 billion from the auction of emissions credits between 2012... and 2019.  Mr. Obama would use some of that money to pay for about $120 billion of spending on various low-carbon technologies...  The rest of the money– about $525 billion– would be returned “to the people, especially vulnerable families, communities, and businesses...”[2]
Well guess what, Atlas, “vulnerable” ain’t you.

So while the Democrats’ clients and buddies get paid, you get to absorb an $80+ billion/year hit.  And it won’t make any difference what your income is, or how much your 1040 taxes are.

Ready for $15 a gallon gasoline?  Ready for you electric bill to quadruple?  Ready for those costs to work their way through the rest of the economy, into the food, and clothing and rents?  Oh, and don’t forget those state and local taxes: It’ll cost more to keep the lights on (and the politicians comfortable) down at the statehouse, and you'll get to pay for it.

Yep, you’ll pay, my pretty.  And you’ll pay more.  And you’ll pay again.

Or you’ll freeze in the dark.



Elsewhere:

Related:
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[1] E.g., here.here.and here.

[2] The Wall Street Journal, February 27, 2009: “Carbon Trading to Raise Consumer Energy Prices” by Stephen Power

Posted by: Old Grouch in Rants at 17:19:32 GMT | No Comments | Add Comment
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