I'm a Pundit Too

Friday, June 26, 2009

The House Passes H.R. 2454, The Economic Destruction Act Of 2009

Today the United States House of Representatives passed H.R. 2454, the American Clean Energy and Security Act. The mammoth bill consisted of more than 1500 pages and would be more aptly named the Hamstring the American Economy Act. The bill will now head to the Senate for their take on the issue, where I cannot help but wonder if the Senators will actually read the bill before reading it unlike their counterparts in the House.

President Obama and the Democratic House leadership claimed that this bill was a “jobs” bill. Their claim is based on the premise that the legislation will create green jobs and will help the economy. The dirty little secret is that the cost of the bill to the American taxpayers will be astronomical. Everyone will pay more for their energy consumption. This may not appear to be that big of an issue for the millionaire bureaucrats in Washington or the hypocrite Al Gore, but for those citizens who already struggle to pay their energy bills on a monthly basis, it will be a major problem. Over the next 25 years electricity rates will increase an estimated 90%, gasoline prices will increase an estimated 58%, natural gas rates will increase an estimated 55%, add an additional $28,728 per person in the U.S. to the national debt, and reduce the gross domestic product by $9.4 trillion

As for the jobs that they are claiming that will be created, we only have to look to Spain to foresee the outcomes of the very same policies. In Spain the unemployment rate is at 18% and for every green job created 2.2 jobs are lost. The cost of creating the green jobs is a bargain as well, a mere $774,000 per green job “created”. Gabriel Calzada, an economics professor at King Juan Carlos University who authored a report on Spain’s green jobs initiatives said, “The loss of jobs could be greater if you account for the amount of lost industry that moves out of the country due to higher energy prices”. Several U.S companies have already stated that it will be cheaper for them to move their entire operations out of the U.S. than to stay and pay the stifling taxes and penalties for doing business in the Obama led United States.

What I find most amazing about this legislation is the unmitigated gall of the President concerning its inevitable outcome. During his campaign, before the he became the media-anointed messiah of all people, the President said that his clean energy proposal would bankrupt the coal industry. This may not seem to be that big of a deal for most of my “green” readers, but the U.S. depends on coal to supply roughly 50% of our energy. Now how will we supply energy without coal? We could use nuclear power; you remember the cheap, reliable energy source that the President favors for Iran. The only problem is that the very same people who are trying to hamper our economy with this legislation are also the same hypocritical bureaucrats that have prevented any new nuclear power plants from being built in the past 30 years.

While the concept of wind and solar energy providing all of our energy needs is a laudable one, the simple fact remains that the technology does not exist today to make these economically viable. Provide funding for research if you want, but do not punish the American people and our economy for the sake of flawed science. As the Senate takes up this legislation, we can only hope that the Senators will put aside their party loyalty and actually vote to protect the American economy and our pocketbooks. I realize that this may be too much to ask for many of the lifelong politicians, but can’t we at least expect them to read the bill before they vote on it? After all, the author of the bill in the House, Henry Waxman, admitted that he had not read the bill and did not know all of the details of the bill. He was content to rely on the scientists that wrote the bill. I suppose the only ones that will be laughing and cheering about this legislation in the years to come will be China, India, and the rest of the world who will reap the economic rewards for the folly of our elected officials.

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