Issuu on Google+

Editorial: Legislators need to reveal costs of cap-and-trade bill

http://www.printthis.clickability.com/pt/cpt?action=cpt&title=Editorial...

SAVE THIS | EMAIL THIS | Close

Friday, June 26, 2009

Editorial: Legislators need to reveal costs of cap-and-trade bill The Detroit News U.S. House Democratic leaders are scrambling to secure the votes for quick passage of a carbon cap-and-trade law, arguing that aggressively attacking greenhouses gases will save the planet and restore America's standing in the international community. But some of their more moderate colleagues are balking and for good cause. This bill will break the budget of U.S. households. Cap-and-trade will set a limit on the amount of carbon manufacturers and energy producers can emit. Those that exceed the limit would have to buy credits from those who are under their cap. The Obama administration contends this will create free-market trading in carbon credits that will produce a huge windfall to offset the impact of the law on consumers. But the American Institute for Economic Research, an independent group, says that in places where cap-and-trade is already in place, the market for carbon credits has been tepid. The institute warns the cap-and trade-bill co-sponsored by Reps. Henry Waxman, D-Calif., and Edward Markey, D-Mass, could double the price of natural gas, the favored fuel for home heating in Michigan. Electricity costs could rise more than 100 percent in the Midwest. Gasoline and diesel fuel prices could go up nearly an estimated $1 per gallon just from the effects of this bill, driving up the cost of any good that is delivered by truck or train -- meaning just about every consumer product, particularly food. But Markey and Waxman aren't talking about the cost of their bill as they twist the arms of their more cautious colleagues. They should. Before passing such a life-changing bill, Congress should disclose its full costs to consumers. Families will bear the price of this legislation, and they should be informed of exactly what that price will be.

1 of 2

6/30/2009 9:55 AM


Editorial: Legislators need to reveal costs of cap-and-trade bill

http://www.printthis.clickability.com/pt/cpt?action=cpt&title=Editorial...

Find this article at: http://www.detnews.com/article/20090626/opinion01/906260327/Editorial--Legislators-need-to-reveal-costs-of-cap-and-trade-bill SAVE THIS | EMAIL THIS | Close Check the box to include the list of links referenced in the article.

Š Copyright 2008 The Detroit News. All rights reserved.

2 of 2

6/30/2009 9:55 AM


Detroit News Editorial: Costs of Cap-and-Tax