Hide Your Wallets, Here Comes Al Gore
Al Gore’s dream of reversing global warming is about to turn into a nightmare for the rest of us. Leaving aside the question of whether or not global warming even exists, House Democrats yesterday introduced a bill (the Waxman-Markey bill) which will only lead to job losses and higher costs for energy, while having no effect on the environment.
Nobody denies that this bill is going to lighten the wallets of the average American, or that the poor are going to be particularly hard hit. The only question is, how hard? The highly reliable Congressional Budgeting Office estimates:
“[A] 15 percent reduction in carbon emissions by 2020 through a cap-and-trade plan would cost the average American household $1,600 a year, with low-income households carrying a heavier burden. Lower-income households tend to spend more of their income on energy than higher-income households, because it is difficult to cut back on necessities like heating.”
Remember, these figures are estimates. And when has a government cost estimate not been grossly understated?
The Waxman-Markey bill is also going to cause the country to lose jobs — perhaps millions of jobs — due to the crippling burden it will impose on American industry. This is even acknowledged by the authors of the bill, as there is a fine-print provision designed to provide relief for those who lose their jobs as a result of the legislation.
“The Democrats’ bill has an unemployment provision that provides 70% of your job benefit for at least three years — in addition to any other unemployment benefits — if you lose your job because of that bill,” said Rep. Joe Barton (D-Texas). “They, at least tacitly, recognize that their bill is going to cost millions and millions of jobs.”
Nonetheless, Gore continues to parrot the mantra that the Waxman-Markey bill will have the opposite effect. “I think the creation of jobs by this bill will far outstrip any losses,” Gore recently testified. “There would be potentially massive job losses if we did not adopt this legislation.”
Democrats agree. The bill, they say, will stimulate employment “in the long run” by creating so-called “green jobs” such as making parts for windmills and growing grass on building rooftops.
This boondoggle will amount to nothing more than a massive tax hike on every person in America.