Lisa Lerer over at Politico reported this afternoon that Senator Jim Webb (D-VA) has bailed on Democrats’ plans on cap-and-trade, otherwise known as cap-and-tax… or as a Representative John Dingell (D-MI) said, “ a great big” tax.
Webb: "'In its present form I would not vote for it,' he said. ‘I have some real questions about the real complexities on cap and trade. . . That piece of legislation right now is something that is going to cause a lot of people a lot of concern,’ he said.” (Lisa Lerer, “Webb Bails On Cap-And-Trade,” Politico, 11/16/09)
Personally, I doubt Senator Webb opposes the bill because of its “complexities.” But, his opposition is a sign that maybe he’s got something between those ears after all… at least some political-sense. I mean really, Virginia is coal country and cap-and-trade is a huge tax increase and a job killer.
The Brookings Institution Predicts “Cap-And-Trade” Will Cause Job Losses. “A report issued by the left-leaning research organization said that if Congress passes something similar to President Obama’s or the House’s proposed plan, the economy would take the biggest hit around 2025. ... the net job loss would be 0.5 percent over the first 10 years that the legislation is in effect.” (Amanda DeBard, “Study: Cap and Trade Would Hurt Economy,” The Washington Times, 6/9/09)
The Non-Partisan Congressional Budget Office Found A National Energy Tax Will Impact Consumers, Not The Energy Producers. “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. Such price increases would stem from the restriction on emissions and would occur regardless of whether the government sold emission allowances or gave them away.” (CBO Senior Advisor Terry Dinan, “The Distributional Consequences of a Cap-and-Trade Program for CO2 Emissions,” Testimony Before The Subcommittee On Income Security And Family Support House Committee On Ways And Means, 3/12/09)
Makes you wonder what Democrat Representatives from Virginia Rick Boucher, Gerry Connolly, Jim Moran, Tom Perriello, and Robert Scott were thinking when they voted for the House version of this boondoggle.
• Greenhouse Gas Emissions – Passage. “Passage of the bill that would create a cap-and-trade system for limiting greenhouse gas emissions and set new requirements for electric utilities. The EPA would be allowed to auction emission allowances to permit the buyer to emit a certain amount of greenhouse gases. Under the bill, three-quarters of emission allowances would be provided to polluters free of charge, based on formulas, when the cap-and-trade program would begin in 2012. Remaining allowances would be sold at auction. By 2030, 75 percent of the allowances would be sold to polluters by EPA. The bill would limit emissions at 17 percent below current levels in 2020, 42 percent in 2030 and 83 percent in 2050. Companies such as electric utilities, refineries and factories could buy and sell pollution allowances and get credit for funding special projects to reduce emissions on farms and in forests. It would require utilities to produce 15 percent of the nation’s electricity from renewable sources by 2020, with another 5 percent energy savings from efficiency. States could petition to bring the renewable mandate down to 12 percent, with 8 percent from efficiency. It would set new emissions standards for coal-fired power plants, and new energy efficiency and water use standards for buildings and products. It would establish programs to assist energy consumers with higher utility bills as a result of the system. It also would create programs for electrical transmission lines, smart grid technologies, modernizing electricity infrastructure to respond to changing conditions, reduction of emissions, increased energy efficiency, and carbon capture and sequestration.” (H.R. 2454, CQ Vote #477: Passed 219-212: R 8-168; D 211-44, 6/26/09)
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