Cap-and-trade critics offer last-minute warnings

The floodgates opened as critics of the Waxman-Markey energy climate bill poured out to issue warnings about the controversial legislation, whose fate will likely be determined today in the House.

According to energywashington.com, Rep. Doc Hastings (R-Wash.), ranking member of the House Resources Committee said in a statement, "The news that America's gross domestic product definitely decreased by 5.5 percent from January to March should motivate the Democrat Congress to pass bills that will reverse our economic decline and create new jobs." Hastings explained that instead of helping unemployed families across our country, Democrat Leaders instead chose to proceed with "a National Energy Tax bill that the Brookings Institute predicts will decrease America's GDP by an additional 2.5 percent."

The U.S. Chamber of Commerce voiced opposition to the bill, stating in a letter to all members of the House that it believes domestic legislation should:
    1. Balance environmental objectives with the need for economic growth and job creation;
    2. Promote technology development and deployment;
    3. Reduce barriers to the development of climate-friendly energy sources;
    4. Promote energy efficiency; and
    5. Implement appropriate steps to address the international nature of global emissions. H.R. 2454 would not     achieve these goals.

Instead of the goals sought by the Chamber of Commerce, the Waxman-Markey bill instead threatens 2.5 million jobs, said National Black Chamber of Commerce (NBCC) President and CEO Harry Alford, in a NBCC study.

"These findings add to a growing body of evidence that demonstrates cap-and-trade would make American consumers poorer and the products they buy more expensive," said Alford.  "Moreover, the study finds there will be little, if any, environmental impact to justify the high price U.S. families will have to pay, since the trading system will deliver virtually negligible changes in global CO2 emissions so long as developing nations such as China and India don't buy in."