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Cap And Trade Deserves To Fail

Floor Speech

Date: June 9, 2009
Location: Washington, DC
Issues: Trade

Mr. CASSIDY. Mr. Speaker, cap-and-trade threatens to be a well-intended disaster. Under the ruse of reducing carbon emissions to clean the environment, cap-and-trade will hobble the economy. By some estimates, it reduces GDP by $9.6 trillion over two decades, eliminates 1.1 million jobs per year, and increases the Federal debt by 26 percent. Electricity rates jump 90 percent, gas prices 74 percent, and natural gas prices 55 percent.

Cap-and-trade is designed to disguise what it truly is, in the words of Mr. Dingell, ``a great big tax.'' It imposes higher taxes on producers, so producers pass higher prices to consumers. The authors are targeting the producers so that the producers increase the prices on consumers. If the authors targeted consumers rather than the producers, it would connect them too much, and therefore, they must distance themselves from the families who bear the costs.

The authors know the effects. They are hiding from them. It is underhanded, it is subterfuge, it deserves to fail.


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