In The Washington Post, Robert Bryce debunks five myths about green energy: it won’t create jobs, won’t help the environment, and won’t make America less dependent on despotic foreign regimes.
The global warming legislation backed by President Obama would also drive jobs overseas, since it would impose a costly cap-and-trade carbon rationing scheme on American industry, while leaving foreign plants operated by multinational corporations unregulated. That’s one reason why many big companies with plants overseas are lobbying for the global-warming legislation, which would give them an advantage over competitors that make their products largely in America.
Although Obama and other backers of this “cap-and-trade” concept claim it will cut greenhouse gas emissions, it may perversely increase them by driving industry overseas to places with fewer environmental regulations, resulting in dirtier air, and damage to forests and water supplies. It would enrich politically-connected corporations, and result in massive destruction of the world’s forests. By expanding ethanol subsidies and mandates, it would cause enormous “damage to water supplies, soil health and air quality.” Ethanol subsidies have already resulted in forests being destroyed in the Third World.
The Washington Examiner earlier explained how the global-warming bill backed by Obama will lead to deforestation, and thus increase greenhouse gas emissions in the long run. Obama’s so-called “cap-and-trade” bill is full of pay-offs for special interests.
Such cap-and-trade energy rationing schemes would lead to big tax increases, administration officials privately have conceded, even though they publicly claim otherwise. “Officials at the Treasury Department think cap-and-trade legislation would cost taxpayers hundreds of billion in taxes, according to internal documents circulated within the agency and provided to The Washington Times” by CEI. It could raise household taxes by $1761 per year, equivalent to a 15 percent tax increase. It would also result in “loss of steel, paper, aluminum, chemical, and cement manufacturing jobs.”