Cracks In The Cement?

Wow, this strikes me as being a very, very bad sign for Obama's cap-and-tax energy plan:

Today, in anticipation of Friday's House Energy and Commerce Committee vote on the Waxman-Markey legislation, the National Black Chamber of Commerce (NBCC) released a new study that determines the potential economic impacts of the federal cap-and-trade system outlined in the bill. Compiled by CRA International, the analysis determines that by 2030 the law would:

• reduce national GDP roughly $350 billion below the baseline level;
• cut net employment by 2.5 million jobs (even after accounting for new "green" jobs); and
• reduce earnings for the average U.S. worker by $390 per year.

NBCC President and CEO Harry Alford notes, "These findings add to a growing body of evidence that demonstrates cap-and-trade would make American consumers poorer and the products they buy more expensive.

"Moreover, the NBCC study finds there will be little, if any, environmental impact to justify the high price U.S. families will have to pay, since the trading system will deliver virtually negligible changes in global CO2 emissions so long as developing nations such as China and India don't buy in.

"The House cap-and-trade bill seems to profit special interests at the expense of small businesses and hard-working families. It's evident from the some 85 percent of emissions permits that politicians have already given away for free to favored industries that the 111th Congress is learning that producing laws (like making sausages) requires a lot of pork.

"The inherent complexity of a government-regulated emissions trading system sets the stage for a perpetual struggle for political handouts. This makes Waxman-Markey a good way to promote corruption, but not energy efficiency."

And that's from the National BLACK Chamber of Commerce!  This is their boy in the White House, and it's his plan they're destroying.  Is this a crack in the Obama cement?  To their credit, the NBCC is exactly correct.

For a detailed cost-benefit analysis of Waxman-Markey by Jim Manzi, go here.  It's too long to copy here and too detailed to summarize, other than to say that the costs far outweigh the benefits.  Go read it for the details.

A much simpler top 10 list was done by Heritage here:

1. Cap and Trade Is a Massive Energy Tax
2. It Will Not Make a Substantive Impact on the Environment
3. It Will Kill Jobs
4. It Will Cause Electricity Bills and Gas Prices to Sharply Increase
5. It Will Outsource Manufacturing Jobs and Hurt Free Trade
6. It Will Make You Choose Between Energy, Groceries, Clothing, and Haircuts
7. It Will Be Highly Susceptible to Fraud and Corruption
8. It Will Hurt Senior Citizens, the Poor, and the Unemployed the Worst
9. It Will Cost American Families Over $3,000 a Year
10. President Obama Admitted "Electricity Rates Would Necessarily Skyrocket" Under a Cap-and-Trade Program (January 2008) -follow link for video

Much more at the link above.

Finally, it's constructive to look at what Waxman-Markey says about itself:

Title VII, Subtitle B, Part 2 of Waxman-Markey is titled "Climate Change Worker Adjustment Assistance." And just who are these "climate change workers"? Section 425 (b)(1)(A) says these workers must be employed in:

(i) energy producing and transforming industries;
(ii) industries dependent upon energy industries;
(iii) energy-intensive manufacturing industries;
(iv) consumer goods manufacturing; or
(v) other industries whose employment the Secretary [of Labor] determines has been adversely affected by any requirement of title 4 VII of the Clean Air Act;

In other words, just about everybody. And what kind of "adjustment" will these workers need "assistance" with? Section 425 (b)(1)(B) says these workers must:

have become totally or partially separated, or are threatened to become totally or partially separated from employment

And just so there is no confusion Section 427 of Title VII defines "total separation"' and "'totally separated" as "layoff or severance of an individual from employment."

So just how many "Climate Change Workers" will Waxman-Markey make elligible for "Adjustment Assistance"? Our Center for Data Analysis pegs job losses at 1,105,000 annually.

Bottom line: this plan is literally disastrous for America -- ALL of America, not just 'the rich' -- and will only serve to kill the economy.  Everyone knows it...even the people who are sponsoring it.  It all comes back to what we've talked about many times here - this has nothing to do with providing jobs or helping the economy.  It's the latest attempt to implement oppressive control over vast swaths of the American people.

The vote is coming up soon, so call your Senators and Rep and tell them what you think of it.

There's my two cents.