publiusvarus wrote:
Yeah that CBO report also said;
Quote:
By annually reducing the supply of these permits, the cap-and-trade legislation written by House Democrats Henry Waxman of California and Ed Markey of Massachusetts would lower the limit on greenhouse gases to 17 percent less than 2005 levels by 2020
So we know they're full of sh*t.
Nah. Technically, that's a true statement. If they reduce the supply of those permits as planned, the "limit" on greenhouse gases will be 17 percent lower. Of course, this says nothing about the actual impact on total greenhouses gases produced as a result of the bill. It just says that the limit they place on industries operating within the reach of US law will be reduced by that amount.
The flaw is that pretty much everyone knows that the way this reduction in the US will be accomplished is by some percentage of our industry to offshore to other nations. Since most nations we'd see our industry offshore to (all actually) have less stringent pollution control laws than existing US laws even before the cap and trade limits are applied, this will almost certainly result in that industry producing more pollution, including greenhouse gases, per unit of productivity than they were producing before the introduction of the cap and trade laws.
The net global effect is to increase the total output of greenhouse gases, not reduce it. It's ridiculous to assume that reductions in those emissions will occur even to a small degree as a result of improved control systems. It will be vastly less expensive to simply offshore instead. In the meantime though US companies will be paying taxes in the form of the cap and trade in order to continue doing business in the US.
The net effect is a massive tax on US industry which we'll all bear the burden of, a loss of jobs in the US due to offshoring of industry, and an increase in total global greenhouse gas emissions and other pollutants as well. It's lose, lose, lose.
It makes you wonder who's the winner here...