THE DANGERS OF HOT AIR

July 30, 2009

The Waxman-Markey climate emissions bill is one of the oddest and most far-reaching pieces of legislation being advocated by the new administration, says Pete du Pont, a former governor of Delaware and current Policy Chairman of the National Center for Policy Analysis (NCPA).

Though it passed the House by a slim margin, a 219-212 vote, most of America's states and communities didn't like the bill.  No wonder, for it would regulate many things -- energy, wages, imported goods, corporations, states, cities, buildings and houses.  It would be without question the biggest expansion of federal government control over our economy since the 1930s, says du Pont.

According to the Heritage Foundation:

  • The bill would reduce America's real gross domestic product by $400 billion each year -- a cumulative loss of $9.4 trillion by 2035 -- leading to almost 2.5 million job losses, and raise inflation-adjusted electricity rates by 90 percent.
  • For a household of four, it would cost on average $2,979 annually and in 2035 the total family cost would be over $4,600 for everything, including power, food, supplies, gasoline and transportation.

Furthermore:

  • The federal government would have full control over global-warming matters; states would not be permitted to create their own cap-and-trade programs, but could be given emission allowances by which they could sell to generate funds for clean energy programs.
  • The federal government would also have control over the carbon permit process.
  • It would give away 85 percent of the permits to utility companies, refineries and other politically connected businesses, and these no-cost permits could be used by companies to continue to crank out historically high CO2 emission levels, or be sold to other companies for real money.
  • Next would come the expansion of American protectionism that would end up hurting American businesses.

The real purpose of Waxman-Markey is to vastly expand the scope, power and authority of the federal government, says du Pont. Washington would permanently regulate and dictate the performance of the U.S. economy, reward constituencies it favors and punish those it doesn't, and make more and more Americans dependant upon federal largesse.

Source: Pete du Pont, "Waxman-Markey Deserves to Die," Opinion Journal, July 26, 2009.

For text:

http://online.wsj.com/article/SB10001424052970204886304574308771420637620.html 

 

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