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Cap And Trade Legislation To Deliver A Devastating Blow To the Economy

By: Steve Johnson

6/29/2009 - 59 Comments

On Friday last week the highly controversial ‘Cap and Trade’ bill passed the House by a 219-211 vote, delivering a devastating blow to the staggering economy.

Obama promised no tax increases, but has delivered just that.  This is a direct attack on the middle class families that are struggling to keep their jobs and make their mortgage payments.

The bill disguises the massive tax on the middle class by taxing all energy producing companies, which have no choice but to pass the additional cost on to consumer.  The largest consumer of energy is of course the manufacturing industry. 

Therefore this bill will force the staggering manufacturing industry into an even greater global competitive disadvantage. Factories ran at 68.3% of capacity in May, the lowest since the Fed started keeping statistics in 1967.

This bill will likely force many US manufacturers out of business, adding millions to the 5-6 million that have already lost their jobs since the beginning of the recession. 

At the same time, this bill will cause household energy bills to double.  I just cannot image what the politicians are thinking.  They couldn’t have created a worse bill at this time.  Why are they even wasting their time creating bills like this when they should be working on the real problems in our economy?

On top to that, this bill will create another government entity to administer this tax, which means more government employees doing unproductive and wealth destroying tasks.  This is much, much worse than if the politicians just did nothing and let the economy recover on its own. 

Here is a video:

In my opinion, Obama has become the single greatest risk to an economic recovery.  This bill virtually guarantees the US economy will remain at a competitive disadvantage with much of the developing nations for decades to come. 

This bill will cause millions of jobs to move out of the US.  This is a devastating blow to the economy.

This bill is the exact opposite of what we need to do. We need to rebuild our manufacturing industry, to create jobs and bring money back into our nation. 

We need to increase our exports and decrease our imports to bring the trade deficit back in the black.  Then, and only then, can we dig our way out of debt and recover from this recession. Instead of creating more problems for our manufacturing industry, we should be removing previous legislation that hinder their growth. We should reduce the industries burden so they can increase production.

The way out is manufactuing.

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