Friday, August 7, 2009

Truth concerning "Cap and Trade"


The most recent example is a bill that recently passed the House of Representatives. It would create a so-called "cap and trade" system to reduce CO2 emissions. Emitters would be required to obtain permits, which would be limited in number (the "cap"), from the federal government and could then buy and sell them on the market (the "trade"). The cap would gradually decrease, increasing the cost of energy over time.
A recent study by the Heritage Foundation found that the law would:
raise the average family's annual energy bill $1,241 (over $100 per month);
raise electricity rates 90 percent, gasoline prices 74 percent and residential natural gas prices 55 percent;
raise unemployment by nearly 2 million jobs in 2012, with additional job losses to follow;
raise the inflation-adjusted federal debt 26 percent by 2035 – about $115,00 per family of four; and
reduce gross domestic product by an average of $393 billion per year, or $9.4 trillion through 2035.
The payoff? About 0.09 degree F reduction in global average temperature in the year 2050. (The real reduction might be only one-tenth as much.) At that rate, counting the costs only through 2035, we'd be paying $940 billion for every one-one hundredth of a degree reduction in temperature. Assuming – optimistically! – that costs after 2035 were slashed in half, we'd end up paying an additional $2.9 trillion, for a total of over $12 trillion, or $1.2 trillion for every one-one hundredth of a degree. That's an awful lot to pay for so little return when growing numbers of qualified scientists reject the case for destructive manmade global warming anyway.

The point of this article is that this proposal from our federal government is unBiblical because we are called on to help the poor and this will devastate them more than anyone else.

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