Tuesday, June 23, 2009

Stop Waxman-Markey!

Speaker Pelosi has scheduled the Waxman-Markey Bill for a vote this week, even though the ink is barely dry on it. The bill is formally known as H. R. 2454, the American Clean Energy and Security Act.

Politico reports, "House Energy and Commerce Committee Chairman Henry Waxman (D-Calif.) has overcome one of the last big obstacles standing in the path of his landmark climate-change bill, cutting a deal with Agriculture Committee Chairman Collin Peterson, who sought greater protections in the bill for farmers and other rural interests. Their agreement sets the stage for a vote Friday in the House." (h/t Lucianne.com)

The Competitive Enterprise Institute is one of the organizations campaigning against the bill:
"We urge that voters contact their Representative immediately by calling the House switchboard at (202) 225-3121. Tell your Representative to vote No on H. R. 2454, the American Clean Energy and Security Act. Voters may also send their Member an e-mail by going to www.cei.org/1984 and clicking on the link to the action page."

Why do I object to this legislation? Basically, it does nothing to solve the problems it's ostensibly written for, but will inflict huge costs on our country. Whether you believe or not that humans and greenhouse gases (e.g. CO2) will lead to further climate warming, this is a terrible bill.

1. As Hugh Hewitt noted on his radio show this evening, it's not designed to solve global warming, it's designed to raise revenue. Over at MasterResource.org, Chip Knappenberger writes:
Without a large reduction in the carbon dioxide emissions from both China and India—not just a commitment but an actual reduction—there will be nothing climatologically gained from any restrictions on U.S. emissions, regardless whether they come about from the Waxman-Markey bill (or other cap-and-trade proposals), from a direct carbon tax, or through some EPA regulations.
2. The energy taxes will raise prices throughout the economy. Remember $4.00 gasoline? A few years from now that may seem awfully cheap! Many people argue that gas should be at least $10/gallon to "properly" account for its alleged environmental costs. Elon Musk, CEO of Tesla Motors is just the latest example. But this legislation also hits coal and natural gas, which together provide about 70% of our electric supply if my math is right. (Data from Energy Information Administration) So electric cars won't be a bargain either. Naturally, that's made some House member nervous. PlanetGore has background on some of the horse trading here and here.

3. Because of price inflation, economic output (GDP) will less than it would be without the energy taxes. Heritage Foundation has run the numbers and they are staggering:
Higher energy costs create a significantly slower economy and reduce America’s growth potential. Heritage analysis finds that by 2035, a projected 2.5 million jobs are lost below the baseline (without a cap and trade bill). The average Gross Domestic Product (GDP) lost is $393 billion, hitting a high of $662 billion in 2035. The negative economic impacts accumulate, and the national debt is no exception. The increase in family-of-four debt, solely because of Waxman-Markey, hits an almost unbelievable $114,915 by 2035.
4. If you're concerned about our dependence on foreign oil, it would make more sense to encourage development of domestic sources even as alternative sources emerge from the R&D phase over the next couple of decades. But this bill does nothing to encourage domestic production or otherwise increase supply.

Newt Gingrich now heads up American Solutions. They have lots more information and an online petition I've signed:

http://www.americansolutions.com/take-action/petition/index3.php

Tell your Congressional Representative to vote NO and spread the word to your friends. We can't afford this bill.

Posted on both RareKate Writes and Thwarting Murphy blogs.