Obama’s proposed “cap-and-trade” carbon tax on energy use and utility bills is expected to raise up to $2 trillion, more than the $646 billion the Administration earlier estimated. The Washington Examiner‘s Tim Carney explains how this hidden tax works.
(Before his election, Obama explained that electricity bills would “skyrocket” under his Administration, but the press by and large wasn’t interested in reporting it).
The $2 trillion raised by Obama’s cap-and-trade scheme may be dwarfed by the money made, at consumers’ expense, by well-connected corporations that have learned how to game such schemes.
It won’t put much of a dent in the $4.8 trillion in additional debt resulting from Obama’s proposed budget, or the $8 trillion in spending commitments incurred by the Obama Administration (not counting another trillion dollars for the toxic-asset buy-up program and $800 billion for the economy-shrinking “stimulus” package), all of which contradict Obama’s campaign pledge of a “net spending cut.”
But you sure will notice it in your electric bills if it becomes a reality.