Thursday, August 13, 2009

More Damning Evidence that Cap-and-Tax will Decimate the Recovery

I hope the Senate quietly puts Crap-and-Trade to death (with or without a "death panel") because if it is passed it will lead to a double dip recession.

The National Association of Manufacturers (NAM) and the American Council for Capital Formation (ACCF) released a study Wednesday that found under a high-cost scenario the House global warming bill could reduce economic growth by 2.4 percent and cost 2 million jobs by 2030.

Environmentalists were quick to criticize the study for underselling the development of climate-friendly sources of power and not releasing other assumptions NAM and ACCF fed into the computer model to get their economic forecast, which takes more of a glass-half-empty view than recent governmental reports.

As if Environmentalists are known for their grasp of capital formation and manufacturing acumen or something. They know that it will take years to get any climate-friendly sources of power online and the whole time our GDP will be pounded and jobs will be lost. The funny thing too is these jobs will simply move to India and China to increase their pollution and never come back to the US.

Plus, these same environmentalists are anti-nuclear so it might take decades to get enough wind and solar to replace coal and oil. We can't even build natural gas plants fast enough. There is no way we can afford a 2.5% GDP penalty for a decade or more.

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