Cap and trade = Smoot Hawley?
Investor's Business Daily published Tom McClintock's speech in opposition to the cap and trade legislation:
"Gov. Schwarzenegger assured us that AB 32 would mean an explosion of new, green jobs — exactly the same promises we're hearing from cap and trade supporters. In California, exactly the opposite has happened. We have lost so many jobs the UC Santa Barbara economic forecast is now using the D-word — depression — to discuss California's job market.
"Gov. Schwarzenegger assured us that AB 32 would mean an explosion of new, green jobs — exactly the same promises we're hearing from cap and trade supporters. In California, exactly the opposite has happened. We have lost so many jobs the UC Santa Barbara economic forecast is now using the D-word — depression — to discuss California's job market.
Madam Speaker, the cap and trade bill proposes what amounts to endlessly increasing taxes on any enterprises that produce carbon dioxide or other so-called greenhouse gas emissions. We need to understand what that means.
It has profound implications for agriculture, construction, cargo and passenger transportation, energy production, baking and brewing — all of which produce enormous quantities of this innocuous and ubiquitous compound. In fact, every human being produces 2.2 pounds of carbon dioxide every day — just by breathing."
Meanwhile, in California, IOUs will be issued.
Comments