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Trivia Tidbit of the Day: Part 599 -- The Democrats' Global Warming Tax.

Waxman-Markey Is Terrible-

Does the possibility of mitigating climate change by a fraction of a degree over many decades warrant these costs:

The result is government-set caps on energy use that damage the economy and hobble growth--the very growth that supports investment and innovation. Analysis of the economic impact of Waxman-Markey projects that by 2035 the bill will:

* Reduce aggregate gross domestic product (GDP) by $7.4 trillion,
* Destroy 844,000 jobs on average, with peak years seeing unemployment rise by over 1,900,000 jobs,
* Raise electricity rates 90 percent after adjusting for inflation,
* Raise inflation-adjusted gasoline prices by 74 percent,
* Raise residential natural gas prices by 55 percent,
* Raise an average family's annual energy bill by $1,500, and
* Increase inflation-adjusted federal debt by 29 percent, or $33,400 additional federal debt per person, again after adjusting for inflation.

This would be the biggest tax increase in the history of the world.

The good news is that public support for cap-and-trade and similar climate change measures has collapsed. The bad news is that we have very few gears with which to stop the left-wingers now running the show from doing terrible, lasting damage to America.

Maybe after 2010 we'll have some checks and balances on this radical agenda. Until then, hold on for dear life.

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Posted by Will Franklin · 27 May 2009 11:17 AM

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