There is still time to stop the legislative monstrosity known as the Waxman-Markey cap-and-trade bill before the Senate approves it. But for that to happen, Americans must learn how bad it is.
Let's briefly review the basics: The bill is ostensibly designed to curb man-caused carbon emissions (presumably without outlawing breathing) to retard global warming.
Even if we accept, for purposes of argument, the assumptions of radical, hysterical leftist environmentalists that man-caused global warming will destroy the planet if evil, rich capitalists don't radically curtail their own contributions to the catastrophe, Waxman-Markey would not prevent this Armageddon.
Climate scientist Chip Knappenberger, of New Hope Environmental Services, calculates that the bill would only reduce Earth's temperature by 0.1 to 0.2 degree Celsius by 2100. The Heritage Foundation's Ben Lieberman says he's found no "decent refutation of the assertion that the temperature impact would be inconsequential."
Unfortunately, the bill's negative impact on the economy would not be inconsequential. Lieberman says the bill would cause estimated job losses averaging about 1.15 million from 2012-2030, and the cumulative projected loss in gross domestic product would be almost $10 trillion by 2035. The national debt from this bill alone, disregarding the multiple bailouts, stimulus packages and health care "reform," would increase by 2035 for a family of four by 26 percent, or $115,000.
Heritage is not alone in making these claims. The far more liberal Brookings Institution estimates the bill would cost 1.8 percent of GDP in 2035 and 2.5 percent by 2050. Heritage's "Foundry" blog concludes, "Economists from liberal think tanks, conservative think tanks, and industry associations agree that Waxman-Markey will reduce income by hundreds of billions of dollars per year."
These facts are enough to make you question why people aren't threatening a sit-in in the Senate until this recklessness stops. But there are other things about the bill you should know -- just in case you have an unusually high outrage tolerance:
--As noted, the bill contains a hidden provision establishing unemployment benefits for up to three full years for workers displaced as a result of this "job creations" bill, as well as health insurance premium subsidies and $1,500 each for job search and relocation expenses -- all at taxpayers' expense.
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