This little tax went to energy, this little tax went to imports from nations that don’t cut carbon emissions. Unfortunately, there’s nothing “little” about the taxes in the Senate cap-n-tax bill, and the only fairytale related to the legislation is the politically tainted story of pending climate catastrophe. Yet, amid discredited scientific models, strangely disappeared research data, and dishonest rhetoric over a global warming “consensus,” Senate Democrats continue to herald cap-n-tax as low-cost environmental salvation.
In reality, as CBO Director Douglas Elmendorf recently testified, cap-n-tax would stunt GDP growth, keeping it up to 3.5 percent lower by 2050 than without the bill. And according to the Heritage Foundation’s Center for Data Analysis, by 2035 cap-n-tax would plummet GDP by $9.4 trillion, drive job losses up to nearly 2.5 million, and spike gas prices by 58 percent. And all for just two-tenths of a degree cooling — at best — by 2100, says climatologist Chip Knappenberger.
Despite this, Sen. Lindsey Graham (RINO-SC) has handed himself to Democrats as a feather in their cap-n-tax scheme, joining Sen. John F. Kerry (D-MA) in a New York Times op-ed pushing the legislation. Graham imagines Democrats will reciprocate by supporting nuclear power and easing up on offshore drilling and domestic energy production. Right, Lindsey. That’s about as likely to happen as global warming.