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Massive Energy Tax Bill Introduced in Senate

Juliet Eilperin writes in today’s Washington Post that Senators Boxer (D-California) and Senator Kerry (D-Massachusetts) are expected to introduce their so-called “cap-and-trade” bill today. The bill would “make deep cuts in U.S. greenhouse-gas emissions in the near and long term while setting a limit on the cost of carbon allowances”

But Investors Business Daily (IBD) writes in an editorial:

“ The Boxer-Kerry bill isn't a whole lot different from the Waxman-Markey bill that was passed by the House of Representatives in June. And that's the problem.

“Both bills provide for a "cap-and-trade" system to slash the use of fossil fuels and replace them with solar, wind and other "alternative" energy sources. The idea is to impose strict limits on the output of CO2, a supposed cause of global warming.

“If this sounds like a good idea, it isn't. It'll lead to massive new taxes, the demise of entire industries, the elimination of millions of jobs and lost income for all. As the Heritage Foundation found when it ran the numbers on Waxman-Markey, the economic losses entailed in imposing cap-and-trade are enormous.”

Jim Manzi, a senior fellow at the Manhattan Institute, wonders what “is the point” of the legislation? in an op-ed in today’s Washington Examiner. He summarizes the op-ed this way:

“As Capitol Hill prepares to take up climate change legislation once again, senators should cast a far more critical eye at the chief cap-and-trade proposal than their House counterparts did in June. Waxman-Markey would impose costs at least 10 times as large as its benefits, would not reduce the deficit, and wouldn't even really cap emissions.”

We’ve growled numerous times (most recently September 22) about global warming, and have yet to see any evidence to change our minds from being global warming skeptics. As the following ad by the Heartland Institute, one of three ads  calling for an open debate on the science of global warming, which recently ran in the Washington Post, says, “Let’s make global warming about the science again, not politics. Demand that elected officials and media stop hitting the mute button on truth.”

Resources for Learning More About Global Warming (9/30/09): Washington Post's Capital Weather Gang; Popular Technology; Competitive Enterprise Institute; Climate Audit; Climate Depot; Climate Science/Roger Pielke, Sr.; Dr. Roy Spencer; Al Gore's Climate Project; Ponder the Maunder; Science & Environmental Policy Project; Science & Public Policy Institute; and, Sen. James Imhofe (R-Oklahoma), Ranking Member, Senate's Environment & Public Works Committee.

UPDATE (10/1/09) Nick Loris at the Heritage Foundation's blog, The Foundry, includes links to at least two new studies and the following quote from OMB director Peter Orzag regarding just who pays for this massive energy tax:

“Under a cap-and-trade program, firms would not ultimately bear most of the costs of the allowances but instead would pass them along to their customers in the form of higher prices.”

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