John Ransom

Obama finally did something with his phone and his pen besides take a selfie and sign an autograph.

He has instructed the carbon police to cut carbon emissions in United States by 30%. That means the death of coal-fired electricity.

“The EPA will launch the most dramatic anti-pollution regulation in a generation early next month,” says Politico, “a sweeping crackdown on carbon that offers President Barack Obama his last real shot at a legacy on climate change — while causing significant political peril for red-state Democrats.”

That means utility bills are going to go up for everyone: rich, poor, young, old, individuals, and businesses will all see electricity rates rise. But in the Obama version of trickle-down economics, the poor, who by their very definition lack discretionary income, will get hurt the worst.

Businesses can pass along their costs to customers and the middle-class can tighten their belts.

The poor?

They have no belts.

So naturally, the next step in Obama’s pettifogging economic plan is for the president to point out to the poor that they have no belts.

“You have no belts to tighten,” Obama will say. “That’s because the rich took your belts. Under my plan you get to keep your belt so we can tighten it even further. We’ll just get the rich to pay.”

But at least Obama will get the legacy that thus far has eluded him.

He thought perhaps the stimulus plan would redound to his benefit.


He thought the automotive bailout would be a great monument.


He thought all those green jobs he created would be his legacy.


He thought the million electric cars he would put on the road by the time he was done being president would somehow validate him finally-- after all those years of being marginalized as a just another rich author of a book about himself.

No vas.

John Ransom

John Ransom is the Finance Editor for Townhall Finance, host of Ransom Notes Radio and you can catch more of the best money advice and monetary commentary by him daily 10am PT, 1pm ET at or on Comcast Cable