Hat tip to Churchill’s Parrot
President-elect Barack Obama has proposed many ideas on how to fix our energy and environmental problems. With economic ruin looming in front of us, an auto industry ready to collapse, banks failing, and a falling stock market, the last thing we need is to put strict limits on our economic growth.
Obama’s plan asks for a reduction in greenhouse gasses by 80% by the year 2050. Asking the EPA to “implement an economy-wide cap-and-trade program to reduce greenhouse gas emissions.”
The Heritage Foundation reports:
“This intrusive regulation will cost the American economy nearly $7 trillion dollars in lost GDP in just 20 years, and result in massive job losses. Heritage’s respected Center for Data Analysis estimates non-farm employment losses will exceed 800,000 in some years, and manufacturing jobs will plummet. Some industries would lose over half of their jobs. Government permits would be needed to expand small businesses and build homes, hospitals and schools. To add insult to injury, foreign competitors will not have to abide by these regulations, leaving American businesses at a disadvantage.”
Not only does the West and specifically the United States have to bear the brunt of this problem, but the greenhouse gas savings would do nothing to alleviate the problem since China and India produce more greenhouse gasses each day than we do in a month.
Cross posted from Monkey in the Middle