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Washington, DC – The Obama administration scored a major legislative victory in making gasoline, electric, and other forms of energy more expensive today when the House of Representatives passed Cap and Trade legislation. As America’s manufacturing sector struggles with competition and a poor economy, higher energy prices could be the knock out blow for hundreds of thousands of jobs. Just how do higher energy costs help open idle steel mills or the struggling auto makers? How do higher prices at the pump and skyrocketing electric bills help families struggling through a recession?
Congress voted 219 to 212 today to kill real jobs and replace them with hypothetical ‘green’ jobs by two vote. Only 8 Republicans voted for the final passage.
Congress could have embraced ‘all of the above’ energy policies that would have encouraged the development of nuclear, renewable, and traditional forms of energy that would lower energy prices for Americans.
Due to its astronomical costs and questions regarding its so-called greenhouse-gas emissions benefits, the American Clean Energy and Security Act (H.R. 2454) had many lawmakers undecided as it was brought to the floor. Thanks to some last-minute backroom deals, Pelosi managed to gain the support of just enough moderate and “blue dog” Democrats to pass the bill.
The bill now moves to the Senate, where it faces a tough fight.
Under the new act, as many as 7 million jobs could be lost in addition to increased energy costs by as much as $3,100 per family. The bill includes a price tag of $646 billion, adding further stress to a mounting deficit and debilitated economy. According to various studies, the resulting reductions of CO2 from such legislation are negligible at best.
Most recently, billionaire investor Warren Buffett, a supporter and on-again, off-again advisor of President Obama, slammed the Waxman-Markey bill as nothing more than a “regressive” national energy tax on all Americans. This is an understatement. H.R. 2454 could turn out to be the largest tax hike in American history.
FreedomWorks President Matt Kibbe observed: “The Waxman-Markey Cap-and-Trade legislation is just another piece of legislation in a long line that will continue to strangle our economy during tough times. This bill does nothing to stimulate the economy, nor will it result in any meaningful environmental change for the better. It is all cost and no benefit. Unfortunately, that cost will be incurred by the average American family for many years to come.”