The Director of the Congressional Budget Office, Douglas W. Elmendorf, told the Senate Energy and Natural Resources Committee that the House-passed Waxman-Markey cap-and-trade tax climate change legislation – would slow the economy and would cause “significant” job losses in fossil fuel industries:
We want to leave no misunderstanding that aggregate performance — the fact that jobs turn up somewhere else for some people — does not mean that there are not substantial costs borne by people, communities, firms in affected industries and affected areas. You saw that in manufacturing, and we would see that in response to changes that this legislation would produce.
Director Elmendorf also testified that the Waxman-Markey cap-and-tax would cut the nation’s gross domestic product by 0.25 to 0.75 percent in 2020 compared with “what it would otherwise have been,” and by 1 to 3.5 percent in 2050.
Elmendorf’s testimony undercuts the current position of President Obama and the Democrats’ congressional leaders, who claim cap-and-tax would help revive the economy. They make that claim despite the fact that presidential candidate Obama said his cap and trade plan will cause electricity rates to “necessarily skyrocket” and will bankrupt anyone who builds a coal-powered plant.
Dan McLaughlin
Moe Lane
Neil Stevens
Steve Maley
Will Lindsey "Droopy" Graham pay attention?
RedBeard Thursday, October 15th at 9:03AM EST (link)Doubtful. He hasn’t paid attention to much of anything since Strom Thurmond installed him in the House.
Standard-bearer for grouchy curmudgeonry since, oh, 1975 or so.
Don't Cap & Trade Jobs!
sam181 Thursday, October 15th at 10:42AM EST (link)Elmendorf’s testimony didn’t really undermine the President’s position. He still made a weak attempt to align it by implying that, even though there will be significant job losses, eventually those people will be able to find jobs among the newly created cap and trade jobs. I don’t know who in their right mind would believe that to be true. Voice your opposition to cap and trade and write your Senators at http://tiny.cc/pxIgi.
Well since I've been touting Valero's anti Cap and Trade website
Richard Mullins (Diary) Thursday, October 15th at 12:23PM EST (link)I think I should bring it up, http://www.voicesforenergy.com . They are the nations largest refiner and I’m sure they know what Cap and Trade will cost.
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Joe Biden is like a Decrepit Park owner with a Meth lab that happens to not only be a dealer but a user.
Let’s Bankrupt the Democratic paty. Make spend all the money to defend thier candidates.
After their Health Rationing Pandering
suzieQ (Diary) Thursday, October 15th at 10:44AM EST (link)I am loathe to trust anything from the Cooked Books Organization ever again. They blew their credibility on Obamacare.
As governor, Romney made no similar effort to amend or repeal the state law, which required employers that purchase insurance plans in Massachusetts to pay for contraceptives.
“I would have signed the assault weapon ban that came to his desk. I said I would have supported that and signed a similar bill in our state.” – Mitt Romney 2008
Gun Owners Of America on Mitt Romney
Mitt Romney will not repeal Obamacare
Crap and Tax
bosslowrider Thursday, October 15th at 12:13PM EST (link)Wonder if any of the brain dead Dims and RINOs who think this a good idea will listen to the CBO?
Speaking of SC’s RINO, Graham, I hope there are enough of us to vote him out of office. I ain’t holdin’ my breath.
Redbeard, if you’re in the Upstate, I think I know how you’ll vote.
Nothing new
majic Thursday, October 15th at 2:07PM EST (link)There is nothing new here. Anyone and everyone with even a little common sense have known this since the beginning. The media will ignore this report like all the others or try and impugn the integrity of the reporter. They may try a different route and just provide distractions to cover their master. The people may protest but the democrats will just call it a faux agenda because it really racist to oppose the master. The conservative will scream but will be ignored by the media, except maybe Fox. The RINOs like from Maine will bought yet again so the DNC can call the passage a victory for bi-partisanship. The One will smile and tell us that “he wants to be perfectly clear” about how important this scam is. The far left base will approve and be quiet for awhile.
I can tell you that Cap And Trade would be an economic holocaust...
MacAoidh (Diary) Thursday, October 15th at 9:27PM EST (link)…for us here in Louisiana. It isn’t even the law yet and it is already having a terrible effect.
http://www.thehayride.com/2009/09/obamanomics-view-from-ground.html
Check out MacAoidh’s commentary on Louisiana and national politics at TheHayride.com
Heads up Redstate
redpens (Diary) Friday, October 16th at 7:30AM EST (link)Starbucks, Hewlett-Packard, and Duke Energy are 3 big corporations that are on-board supporting cap-and-tax. I saw it on the Fox News website a couple of hours ago. Let’s boycott them all, and let’s find out any other corporations who are betraying us and boycott them too.