Iain Murray argues, in The Washington Times, that these increased costs are, in essence, a "tax," and the end result will be the largest tax increase in American history.
...Under Waxman-Markey, the economic pain would be severe, indeed. President Obama's own aides have admitted that it could cost hardworking Americans up to $2 trillion. The burden, moreover, would fall disproportionately on the poor, who spend a greater proportion of their income on energy - 26 percent compared to a median-income family that spends 4 percent of its earnings on energy. It would also affect the South and Midwest much more than the West Coast and Northeast. In fact, the effect would be a wealth transfer from the South and Midwest to the West Coast and Northeast. Overall, the bill would cost the average American family $1,500 in increased energy costs.So, under Mr. Obama's plans so far, the middle class gets about a $500 a year income tax cut for two years, but will see their energy costs go up $1,500 a year indefinitely.
Those increased energy costs would hit businesses hard, resulting in an average loss of 1.1 million jobs a year. And that is after counting the effect of so-called "green jobs," which would largely be temporary and, according to a recent study, pretty low-paying - most green jobs that have been created to date pay below the average wage.
At a time when America's economy has taken a severe beating, this bill would deal yet another kick to the head. The lights would go out. Jobs would flee overseas to countries like China, which have consistently refused to accept any restrictions on emissions, because they know the harm that they can do to an economy. Meanwhile, studies using accepted climatological methodology have concluded that the bill, even if it works, will have no distinguishable effect on the climate... Full Story
Bet a lot of people did not see that one coming when they voted last November.