Thursday, December 10, 2009

Obama threatens to Destroy US Economy

Pass the Bill I want or I will destroy US economy.

From the Heritage Foundation..
Yesterday, the Environmental Protection Agency (EPA) ignored our comments and declared carbon dioxide to be a dangerous pollutant under the Clean Air Act—granting itself authority for an enormous, unprecedented regulatory undertaking. Because 85 percent of the U.S. economy operates on fossil fuel, the EPA would essentially have the ability to regulate every aspect of life in America.
And the economic effects of carbon dioxide regulations are grave:
· cumulative gross domestic product (GDP) losses of $7 trillion by 2029,
· single-year GDP losses exceeding $600 billion in some years,
· energy cost increases of 30 percent or more,
· and annual job losses exceeding 800,000 for several years.
This EPA announcement comes on the heels of the Climategate scandal, in which a significant number of emails and other documents from scientists at the Climate Research Unit (CRU) at East Anglia University in the United Kingdom were publicly revealed to show a blatant disregard for the scientific process and at worst a falsification of data . Whether or not these emails and documents demonstrate a deliberate cover-up of scientific data is not yet certain, but it surely is a reason to be further concerned with the notion of scientific consensus on global warming.
But regardless of the science, there is one notion all economists agree on: a cap-and-trade system will hurt our economy. Experts from the liberal Brookings Institution to the independent Congressional Budget Office to the conservative National Association for Manufacturers agree with the Heritage Foundation that taxing American energy would result in fewer jobs and lower income - the only dispute is on just how many fewer jobs and how much less income.
Help us spread the word about the costs of a cap-and-trade system by going to There you’ll be able to learn more about cap-and-trade and the EPA’s latest efforts at gaining greater control over our economy. And if you have a Facebook account you’ll be able to sign into our new Facebook application and earn points for the information you share.
Thank you for your continued support of the Heritage Foundation.

Edwin J. Feulner, Ph.D.
The Heritage Foundation

Charles Krauthammer weighs in

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