Energy Rationing, Credit Cards and Car-Sharing in Maryland
1. ENVIRONMENT
The energy
rationing bill sponsored by Reps. Henry Waxman (D-CA) and Ed Markey (D-MA)
is approved by the House Energy and Commerce Committee.
CEI Expert Available
to Comment: Director of Energy Policy Myron Ebell on why the bill is a
disaster waiting to happen:
“The Waxman-Markey energy-rationing bill, if enacted, will
be the biggest tax increase in the history of the world. It will take
trillions of dollars from consumers while making massive payoffs to the big
business special interests that support the bill. By raising energy
prices through the roof, it will destroy millions of jobs and create perpetual
economic stagnation.”
2. BUSINESS
President Obama is expected to sign a bill further
regulating the credit card industry.
CEI Expert Available
to Comment: Special Projects Counsel Hans Bader on how this fits into
the White House’s wider economic
policy:
“Earlier, the Obama Administration
pushed through $250 billion in mortgage bailouts, to bail out even some high-income
borrowers with normal mortgage payments, and forced financial institutions it
took over in the name of fiscal responsibility, like Freddie Mac, to run up billions
in losses bailing out irresponsible borrowers. Now, it’s applying the same
destructive, redistributionist philosophy to credit cards. [The industry says
that the proposals will force banks to issue fewer credit cards at greater cost
to the current cardholders.] That’s the inevitable consequence, of course. But
how long do you think it will be before Congressmen are demanding
investigations into whether credit card companies are engaging in race
discrimination because they won’t issue cards to all comers?”
3. TECHNOLOGY
Government officials in Maryland find their experiment with “car-sharing”
turning out more expensive then they intended.
CEI Expert Available
to Comment: Energy Policy Analyst William Yeatman on the folly
of government trying
to go green:
“The…’green’ car sharing program in Montgomery
County [Maryland] is wasting taxpayer money hand
over fist. Since January, the County has been paying Enterprise Rent-a-Car
$1,100 a month per car for the use of 28 fuel efficient automobiles. As of
April 24, the vehicles have been used a total of 83.5 hours, which means that
Maryland taxpayers have paid more than $1,300 an hour to use the cars. For
comparison, consider that a limo costs $60 an hour.”
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