Congress is trying to sneak through the massive “Cap and Trade” (more accurately “Cap and Tax”) energy proposal that will cause energy prices to skyrocket, resulting in an additional financial burden on each American family of about $3,900 per year.
A vote in the House of Representatives is set for Friday.
Liberals have been frantically trying to dispute that number, pulling out a figure of around $215 per year. That’s not chump change, but it’s also not “skyrocketing” energy costs. As with most information that comes from liberals, it’s also not the whole truth.
The number the liberals have been relying on only takes into account the “cost to the economy [that] involves all those actions people have to take to reduce their use of fossil fuels or find ways to use them without releasing [Green House Gases].” Plus, the professor who calculated it admitted that it is inaccurate.
MIT professor John Reilly is the one who calculated all of these figures. He admits that his $215 per year per household estimated economic impact was the result of “a boneheaded mistake in an excel spread sheet.” The real figure is $800.
Besides that, though, that figure doesn’t take into account the increased taxes that utility companies would be paying to the government and passing on to consumers.
When asked to estimate those additional taxes paid by utility companies, Reilly came up with the figure of $3,128 per household per year. That money has to come from somewhere. It’s going to come from consumers.
When you add the two together, the average household will pay an extra $3,900 per year for energy. That doesn’t sound like the prescription for an economic recovery to me. Like most everything else Obama has done, that sure to make things worse.
You don’t have to take my word or Reilly’s word or Weekly Standard’s word that energy prices will skyrocket under Obama’s Cap and Tax plan, though. Take Obama’s word for it. He seemed proud of it when he gave this January 2008 talk.
American Solutions’ petition to stop the Cap and Tax boondoggle has over 118,000 signatures right now. It seems to be the only organized effort with traction. Of course, everyone should plan on calling their Congressman before Friday to stop this massive new tax.
Like That? You'll Probably Like These.
- Murphy Approves Cap & Trade – Bucks Among Hardest Hit
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- Cap and Traitor Mary Bono Mack Feeling The Heat
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- Greenpeace Opposes Cap and Trade
