The House will likely pass the President’s "Cap and Trade" legislation today. It is over 1200 pages long and just printed last night. (Update: an amendment about 300 pages long was added at 3 am!) Quite a bit of horse trading has gone into the bill to appease moderate and conservative Democrats. Enough "exceptions" were created to make sure the "oxes that are gored" are not citizens of any Democrat’s district who’s vote is needed for passage. No one voting knows if it will work. The CBO has not had time to score the complete bill, but that does not seem to matter. After all, the tough restrictions won’t bite until after 2020 when all these Representatives hope to be enjoying their retirement (and bonus checks from the "Green" industries that helped elect them.) The odds are nill that the conditions for which this bill was written will be the conditions in play when 2020 comes around…. and everyone knows it.
Frankly, it is all for show. The president promised it, can deliver it without immediate impact (or blame), so it will happen. Simply overlook the fact that he also promised that every bill would be available on the Internet for at least 5 days BEFORE coming for a vote. Simply overlook the fact that the price rise due to this legislation, if ever implemented, will hurt the middle class far worse than any "middle class tax cut" helped.
Read this article and judge for yourself if our representatives are doing a good job.
The Cap and Tax Fiction – WSJ.com
"Even as Democrats have promised that this cap-and-trade legislation won’t pinch wallets, behind the scenes they’ve acknowledged the energy price tsunami that is coming. During the brief few days in which the bill was debated in the House Energy Committee, Republicans offered three amendments: one to suspend the program if gas hit $5 a gallon; one to suspend the program if electricity prices rose 10% over 2009; and one to suspend the program if unemployment rates hit 15%. Democrats defeated all of them." …and much more.
Interestingly, on PBS yesterday I heard a report that scientists now say none of this will be able to stop "Global Warming". The window of opportunity is closing far more quickly than nations can respond (e.g. the 2020 date I quoted earlier.) We knew this once we saw the economy tank last Fall. The promised new "Green Economy" was a long shot when the world economy was growing like gang-busters. Now that it is stalled, there are no "profits" to invest in reinventing our energy economy. The guy on the radio went on to say that "stopping Global Warming is no longer the hot market it was; the new darlings of Green Investing are companies and technologies that will help us cope with the inevitable."
Great. Our government is a decade late and many trillions short again. So, if we need to cope with instead of stop global warming (certainly something easier to do,) do we still need Cap & Trade legislation? …well, it really does not matter, does it. You know congress will be rolled over a half dozen times before this legislation has any real impact on you and me. …of course, that’s partly because we’re retired and have guaranteed benefits. Right? Keep dreaming!