Waxman Markey- Shoddy Science, Shoddy Economics

D.C. Writeup ^ | June 26 2009 | Alex Henderson

[Alex Henderson- D.C. Write Up]

Minutes ago, the Democrats in the House passed a devastating energy tax in the form of a cap-and-trade program.

The Democrats claimed that their legislation is a jobs bill that will cost no more than a postage stamp per household per day. They suggested it will allow us to take the lead in the alternative energy industry and create new jobs across the country.

They lied to you.

[junta]

A heads up, some of the Lefties (at theoildrum.com) mentioned that they think the European Union’s carbon trading scheme is working, so look for that line of argument coming down the road.

[Sarajevo]

Commentary by the American Petroleum Institute:

API statement on CBO calculations for the Waxman-Markey bill

Bill Bush | 202-682-8069 | bushw@api.org  WASHINGTON, June 24, 2009 - The American Petroleum Institute issued the following statement today from President Jack Gerard on the most recent costs CBO calculated for the Waxman-Markey climate bill: “The calculations give new meaning to the term ‘rosy scenario.’ “CBO pegs the annual household cost of Waxman-Markey at $175 per household, yet its own report suggests gasoline could rise 77 cents a gallon. That’s $800 more a year just for gasoline, assuming a family uses 20 gallons a week. “CBO also claims free emission allowances will offset this. But they go to businesses and government, not consumers. Also, unlike other analyses, including EPA’s, CBO assumes the legislation won’t slow down the economy. Tweak CBO’s assumptions with common sense and the annual bill to households is more like $3,300. And that’s in 2020 before the emissions cap ratchets down and the costs climb thousands more. “Proponents of Waxman-Markey want you to believe cap-and-trade isn’t going to cost more than taking a few people to Disney World for a day. No amount of econometric sleight-of-hand can make that true.”

This garbage of a bill needs to be killed in the Senate.

BTW- Welcome to FR.

[Alex Henderson- D.C. Write Up]

Good to know, thanks for the tip. You’d think they’d note how many EU countries are defaulting on their carbon reduction goals...eh.

[Zman516]

The RATs had to slam Cap ‘N Trade through before it becomes any more obvious that man-made global warming is a hoax.

[junta]

I don’t know anything about defaults, I assumed they met their reduction goals by a slowing economy and offshoring manufacturing.