Global warming is perhaps the issue where it’s most important for the president to make good on his promises of transparency. A government-mandated transformation of the way America produces and uses energy is no small matter. Even if EPA had delivered an extensive cost analysis, the agency has its biases. A second (and third and fourth) opinion on the cost of this bill would be particularly valuable, especially from a source outside the federal government.
When Heritage examined an earlier version of cap-and trade, we found it would increase energy costs for an average household by $436 in 2012, and that costs would keep climbing to $1,241 in 2035. Electricity costs would go up 90 percent by 2035, gasoline by 58 percent, and natural gas by 55 percent. The cumulative higher energy costs over two decades for a family of four would be nearly $20,000.
And that says nothing of the one million jobs we estimated would be lost under the bill -- even if it delivered on its promise to create new, “green” jobs. The Senate bill would likely ring up similar costs.
Which brings us back to the point that elections have consequences. Having had a year to weigh President Obama’s policies against Candidate Obama’s promises, voters have found his actions wanting.
This year they opted for more conservative candidates in New Jersey and Virginia’s gubernatorial races. If the president doesn’t start keeping his promises, the 2010 midterms may bring more of the same.