Thursday, July 22, 2010

Cap-and-Trade Dead: Killed by Recession

Well, at least we can get rid of the idea of a light switch tax hopefully once and for all.

Senate Democrats on Thursday abandoned plans to pass an energy bill that caps emissions of carbon dioxide, saying Republicans refuse to support the measure.

Senate Majority Leader Harry Reid said no Republican was willing to back a comprehensive energy bill, a development he called "terribly disappointing."

There were no Republicans willing to lose their jobs over a tax that will be levied on all Americans as the utilities pass it on to consumers. This one bill would have raised the prices on everything in the US since almost all of them need electricity in order for them to be produced. I am convinced that it would have made us spiral into a double dip recession. With Cap and Tax dead the idea that you should never raise taxes (especially on everything produced using electricity in the US) will still hold true.

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