Kerry-Lieberman Bill an Economy Killer
Like an indestructible monster from a low-budget horror film, cap and tax returned today for yet another "suspension of disbelief" sequel.
The Kerry-Lieberman American Power Act recycles the job-killing, energy-restricting provisions from prior global warming bills, and additionally recycles the comical talking points: statements designed to con the American public into believing that inefficient energy sources will somehow create jobs and benefit the economy.
The Kerry-Lieberman bill imposes the same draconian carbon reduction mandates sought under prior global warming bills. The legislation calls for a 17 percent reduction in carbon dioxide emissions from 2005 levels by 2020, and a more than 80 percent reduction by 2050.
Forcing American consumers to abandon inexpensive energy sources such as coal, oil, and natural gas and to replace them with expensive, unreliable sources such as wind and solar power will ravage our already reeling economy. President Obama acknowledged the obvious -- and intended -- in a 2008 interview with the San Francisco Chronicle:
Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket.
Kerry-Lieberman proponents argue that eliminating inexpensive conventional power sources will not burden consumers, because the government will charge carbon emitters a fee for each unit of carbon they emit and refund a portion of that fee to consumers. This promise by Washington politicians to -- for the first time ever? -- not raid an available money stream for pet projects and special interests lacks credibility, and is nevertheless irrelevant. If carbon dioxide emissions decline by more than 80 percent, as the bill envisions, government will be issuing very few carbon emission credits and thus collecting few carbon emission fees.
Instead, consumers will be purchasing inefficient wind and solar power, for which they will face sharply higher energy bills while receiving few carbon emission fee rebates.