Senator Jim Inhofe
Cap-and-trade proposals have been explicitly rejected in Congress no fewer than four times over the last 15 years, but President Obama and his administration will be announcing Monday his plans to charge full steam ahead, leaving the American majority behind.
President Obama's announcement will likely rehash the normal fear-tactic talking points about the theory of man-made climate change. Then he will shift his tone and use rosy words to share about his aggressive new Environmental Protection Agency proposal that will force existing power plants to regulate carbon emissions and will set the stage for states to create cap-and-trade systems in order to regulate these plants.
What's not so rosy are the numbers. Each past cap-and-trade plan rejected by Congress was estimated to cost Americans roughly $400 billion a year in de facto tax hikes. Now the president is once again looking to do through regulation what he couldn't accomplish through legislation. But myself and others are sounding the real alarm of how the president's plan will be dangerous for our economy and future job opportunities.
On May 27, the U.S. Chamber of Commerce released a report saying that climate change regulations for new and existing power plants would result in an average loss of 224,000 American jobs each year and an increase in electricity costs of $289 billion while lowering overall household incomes by more than $500 billion.
Read the full article at USA Today.