Vitter: On Cap And TradePosted in ICYMI Posted by Administrator on Oct 29, 2009
Heritage Foundation’s The Foundry
Senator David Vitter
Posted October 28th, 2009
“This week, the Senate Environment and Public Works Committee began debate on comprehensive climate change legislation, S. 1733, otherwise known as cap-and-trade. This legislation represents a new tax in the order of more than $1,700 per American household annually, and, if it’s passed, American families can expect to see considerable increases in the cost of electricity, gas, food and utilities. It is clear that most Americans families’ standard of living will be reduced if this cap-and-trade bill is approved by Congress.
Every legitimate economic analysis says that this bill is a bad idea … the Energy Information Administration, the Congressional Budget Office, the National Black Chamber of Commerce, the National Association of Manufacturers, the Brookings Institute and the Heritage Foundation are all in agreement on that point. The impact of these new regulations on American jobs and energy prices cannot be marginalized or ignored…
A critical point in this whole debate is that China, India and Russia have made it unequivocally clear that they have no intention of agreeing to a cap on carbon emissions … It would be naïve for us to think that U.S. businesses will be able to effectively compete on the international level when they are subject to carbon caps and regulation, increased energy costs and an easily manipulated market scheme…”