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.
Will Lindsey "Droopy" Graham pay attention?
RedBeard Thursday, October 15th at 9:03AM EDT (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 EDT (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 Thursday, October 15th at 12:23PM EDT (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.
For more on my views, go my wordpress site:
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After their Health Rationing Pandering
suzieQ Thursday, October 15th at 10:44AM EDT (link)I am loathe to trust anything from the Cooked Books Organization ever again. They blew their credibility on Obamacare.
“It’s finally happened: Abortion stopped a bleeding heart.”
- Ann Coulter, January 25, 2006
“My concern about the role of the federal government is that an intrusive government, a government that says, ‘Don’t worry, we will solve your problems’ is a government that tends to crowd compassion out of the marketplace, that too often in the past people said: ‘Somebody else will take care of the problem in my area. Don’t worry. The government is here.’”
- George W. Bush October 31, 2000
“Had the decision belonged to Senator Kerry, Saddam Hussein would still be in power today in Iraq. In fact, Saddam Hussein would almost certainly still be in control of Kuwait.”
- Dick Cheney
Crap and Tax
bosslowrider Thursday, October 15th at 12:13PM EDT (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 EDT (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 Thursday, October 15th at 9:27PM EDT (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
Heads up Redstate
redpens Friday, October 16th at 7:30AM EDT (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.