Thursday, March 26, 2009

A Giant Economic Dagger

Senator Inhofe has an excellent article exposing the very real danger of Cap and Trade legislation. In his article he quotes several publications:

Wall Street Journal: “Cap and trade, in other words, is a scheme to redistribute income and wealth -- but in a very curious way. It takes from the working class and gives to the affluent, takes from Miami, Ohio, and gives to Miami, Fla., and takes from an industrial America that is already struggling and gives to rich Silicon Valley and Wall Street ‘green tech’ investors who know how to leverage the political class.”

Warren Buffet: “That tax is probably going to be pretty regressive. If you put a cost on issuing -- putting carbon into the atmosphere -- on the utility business it’s going to be born by customers. And it’s a tax like anything else.”

CNBC’s Jim Cramer: Obama’s budget is “pushing an aggressive cap-and-trade program that could raise the price of energy for millions of people.”

The Detroit News: “President Barack Obama’s proposed cap-and-trade system on greenhouse gas emissions is a giant economic dagger aimed at the nation’s heartland -- particularly Michigan. It is a multibillion-dollar tax hike on everything that Michigan does, including making things, driving cars and burning coal.”

This "giant economic dagger" is right now being pointed directly at the citizens of Washington State in SB 5735. (see prior post)

Apparently our Governor and the Democrats who control Olympia want the chance to use the Cap and Trade dagger on the citizens and businesses of Washington State before the President and the Democrats who control Washington DC do.

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