Newsday is pushing the Cap and Trade bill as a solution to dealing with climate change, speeding up the development of alternative energy solutions, promoting job creation and curing dandruff. The Editors propose that Congressional Democrats will not act because they are too timid and fear “an anti-incumbent tsunami”. Well, every Congress should fear an anti-incumbent tsunami. That is why it is called democracy.
As for the Cap and Trade bill, the appeal is vague. At most basic, it is another tax on business and since business deals with taxes by raising prices, it is a tax that will be paid by consumers. In a world where the market for carbon based fuels is world wide, if the US is the only one having this tax, business in the United States will be put at another competitive disadvantage. Just what we do not need now – or ever. (There is no chance that the world’s biggest polluters – China and India – will do the same.) Further, underlying this whole approach is not only a restriction on carbon based fuels but a desire to cut fuel consumption across the board. These guys actually are looking to lower the standard of living. Their ideas are to not use the air conditioning as much; to use mass transit – no matter how inconvenient; and to buy those light bulbs with the mercury in them.
We will be a third world country soon.