It's the study the Obama administration didn't want you to read. In keeping with the far left's dogma of global warming, the first big agenda item passed in the House of Representatives was Cap and Trade legislation. Reasonable people knew this is merely a cap and tax bill to stifle production at all levels in our country. Maybe the greenies want us to go back to a pre-Industrial Age by shuttering factories and demanding the banning of the use of crude oil. Sshhh...don't tell them that crude oil in needed in virtually everything in our lives today, including their sacred wind mills and solar panels.
No thanks. I think we can all agree that being the world's leader in a high standard of living is where we would like to remain.
Texas Senator John Cornyn has revealed a memo from the Obama administration that points directly to a statement from the Department of Treasury analysis that discredits all that has been favorably touted by this legislation from the far left liberal politicians.
“President Obama once said transparency would be one of the ‘touchstones’ of his presidency. But nine months in, it seems that promise has been forgotten. Now we learn that a report from within his own Administration has been covered up that directly contradicts the selling points that the President and Congressional Democrats have been using for months to convince the American people that cap-and-trade legislation is needed. No matter how hard they try, they cannot hide from the facts. Cap-and-trade legislation would be devastating to middle-class Texas families. It will not help the economy, it would raise taxes, kill up to 400,000 jobs in Texas alone and be catastrophic for Texas energy producers, ranchers and farmers.”
Some points from the analysis that directly affect the people of Texas are:
· According to a the Department of Treasury’s analysis, new taxes would be between $100 and $200 billion each year, costing families up to 1,761 each year. (http://www.cbsnews.com/blogs/2009/09/15/taking_liberties/entry5314040.shtml)
· The National Association of Manufacturers (NAM) and the American Council for Capital Formation (ACCF) found the legislation could cost our nation 2 million jobs and reduce economic growth by 2.4 percent by 2030. (http://thehill.com/index2.php?option=com_content&task=view&id=85011&pop=1&page=0&Itemid=70)
· Comptroller Susan Combs has estimated that Texas could lose 135,000 to 277,000 jobs in 2012, with potential job losses increasing to 400,000 by the year 2030. (http://www.window.state.tx.us/finances/captrade/)
· Recent data from the Congressional Budget Office indicates that Texans would see their electric bills increase by $1.1 billion that year. (http://www2.nationalreview.com/dest/2009/06/18/9097650f54c5452358f8d3196d3bd490.jpg
Both President Obama and Speaker of the House Nancy Pelosi promised Americans a new level of transparency in government. They continue to break that promise.
This cap and trade legislation is bad for the state of Texas and all taxpayers in Texas.