Gov. Sarah Palin has an excellent article in the Washington Post looking at the President’s “Cap And Tax” legislation.
I am deeply concerned about President Obama’s cap-and-trade energy plan, and I believe it is an enormous threat to our economy. It would undermine our recovery over the short term and would inflict permanent damage.
There is no denying that as the world becomes more industrialized, we need to reform our energy policy and become less dependent on foreign energy sources. But the answer doesn’t lie in making energy scarcer and more expensive! Those who understand the issue know we can meet our energy needs and environmental challenges without destroying America’s economy.
In the article Gov. Palin clearly lays out the problems in the plan passed by the house, and now before the Senate.
Job losses are so certain under this new cap-and-tax plan that it includes a provision accommodating newly unemployed workers from the resulting dried-up energy sector, to the tune of $4.2 billion over eight years. So much for creating jobs.
In addition to immediately increasing unemployment in the energy sector, even more American jobs will be threatened by the rising cost of doing business under the cap-and-tax plan. For example, the cost of farming will certainly increase, driving down farm incomes while driving up grocery prices. The costs of manufacturing, warehousing and transportation will also increase.
She doesn’t just point out the negative consequences of this bill, but also makes the case for a responsible energy policy.
We must move in a new direction. We are ripe for economic growth and energy independence if we responsibly tap the resources that God created right underfoot on American soil. Just as important, we have more desire and ability to protect the environment than any foreign nation from which we purchase energy today.
We have a choice, which she describes very well.
Do we want to control our energy supply and its environmental impact? Or, do we want to outsource it to China, Russia and Saudi Arabia? Make no mistake: President Obama’s plan will result in the latter.
The article is well worth reading. I particularly enjoyed this humorous observation:
The ironic beauty in this plan? Soon, even the most ardent liberal will understand supply-side economics.
If this becomes law, we all will.