Obama’s Energy Tax

Speaker Nancy Pelosi announced yesterday that the House of Representatives will be voting on “cap and trade” legislation this week. A recent Rasmussen poll found that only 24% of likely voters correctly understand the term, and I’d be willing to bet that an even smaller share of Congress has read the 1,200 page bill. Representative John Dingell, a Democrat from Michigan, summarized it best when he said, “Nobody in this country realizes that cap and trade is a tax, and it’s a great big one!”

Writing in the Washington Post several weeks ago, Robert Samuelson put it this way: “The centerpiece of Obama’s agenda is a ‘cap and trade’ program. This would be, in effect, a tax on fossil fuels (oil, coal, natural gas). The idea is to raise their prices so that households and businesses would use less or switch to costlier ‘alternative’ energy sources, such as solar. In general, we would spend more on energy and get less of it.”

Spend more and get less. That sounds like Obama’s rationed healthcare proposal too! That concept is antithetical to economic progress and rising standards of living. But it’s generally the outcome of socialism and leftwing thinking.

According to an analysis by the Heritage Foundation, the “cap and trade” bill before the House will result in a “58 percent increase in gas prices, 90 percent for electricity, and 55 percent for natural gas. Cumulative higher energy costs for a household of four from 2012-2035 would reach nearly $20,000.” The Heritage Foundation also predicts more than one million job losses as a direct result of higher energy costs.

Just think about that for a moment. Here we are in the middle of a deep recession, with the president predicting double-digit unemployment, and this White House and the liberal politicians on Capitol Hill are scheming to impose one of the biggest tax increases in history. It will affect every American who turns on a light switch, drives to work or consumes products, since just about every economic activity involves the use of fossil fuels.