You don’t say: Obama climate plan could cost $2 trillion
Posted by danishova on March 18, 2009
The Washington Times reports:
President Obama’s climate plan could cost industry close to $2 trillion, nearly three times the White House’s initial estimate of the so-called "cap-and-trade" legislation, according to Senate staffers who were briefed by the White House.
A top economic aide to Mr. Obama told a group of Senate staffers last month that the president’s climate-change plan would surely raise more than the $646 billion over eight years the White House had estimated publicly, according to multiple a number of staffers who attended the briefing Feb. 26.
"We all looked at each other like, ‘Wow, that’s a big number,’" said a top Republican staffer who attended the meeting along with between 50 and 60 other Democratic and Republican congressional aides.
“Wow” is right. How big is a trillion? Don’t forget to multiply by 2!:
Blah Blah Blah:
The plan seeks to reduce pollution by setting a limit on carbon emissions and allowing businesses and groups to buy allowances, although exact details have not been released.
The numbers keep rising. We’ve gone from $366 billion to $646 billion to 2 trillion in a flash:
At the meeting, Jason Furman, a top Obama staffer, estimated that the president’s cap-and-trade program could cost up to three times as much as the administration’s early estimate of $646 billion over eight years. A study of an earlier cap-and-trade bill co-sponsored by Mr. Obama when he was a senator estimated the cost could top $366 billion a year by 2015.
A White House official did not confirm the large estimate, saying only that Obama aides previously had noted that the $646 billion estimate was "conservative."
Whatevs, Jason. Keep making up whatever numbers. Just do it gradually – you know, kinda like how Barack wanted gas prices to raise to unaffordable heights.
"Any revenues in excess of the estimate would be rebated to vulnerable consumers, communities and businesses," the official said.
Translation: White men need not apply (except for union members and card-carrying ACORN activistas).
Hey, this will magic trick work out just dandy! Maybe we could call it a “Tax and Take” Program:
The Obama administration has proposed using the majority of the money generated from a cap-and-trade plan to pay for its middle-class tax cuts, while using about $120 billion to invest in renewable-energy projects.
Thankfully, not everyone on the planet Barack wants to save by impoverishing Americans is a liberal:
Mr. Obama and congressional Democratic leaders have made passing a climate-change bill a top priority. But Republican leaders and moderate to conservative Democrats have cautioned against levying increased fees on businesses while the economy is still faltering.
Personally I hate those arguments. There’s never a good time to increase fees by 2 trillion dollars. If the economy wasn’t faltering at the time, it will fall flat on its face in no time.
House Republican leaders blasted the costs in the new estimate.
"The last thing we need is a massive tax increase in a recession, but reportedly that’s what the White House is offering: up to $1.9 trillion in tax hikes on every single American who drives a car, turns on a light switch or buys a product made in the United States," said Michael Steel, a spokesman for House Minority Leader John A. Boehner. "And since this energy tax won’t affect manufacturers in Mexico, India and China, it will do nothing but drive American jobs overseas."
Aw, come on Boehner. That’s a brilliantly conceived plan that Barack’s got here. You just need to wear one of these hats, and then you’ll get it: