Cap and trade is essentially an energy tax on carbon emissions, threatening to cost Americans, especially in states like Pennsylvanian, and estimated $800 dollars a year in economic losses and over $3,100 per household a year in new taxes. President Barack Obama, said himself in a January 2008 interview that under his cap and trade proposal, â€œelectricity rates would necessarily skyrocketâ€?.
In a May 7th letter to the state Legislature, the Pennsylvania Public Utilities Commission called for all state legislators to carefully consider the impact cap and trade would have on our stateâ€™s economy. With Pennsylvania being the 4th largest provider of coal in the United States, cap and trade could cost Pennsylvania 66,000 jobs, a hike in residential electricity bills, increases in the price of natural gas and increased pressure on our gross state product.
Here is a coalition letter opposing Cap and Trade sent to Pennsylvania members of Congress, which the Commonwealth Foundation signed on to.
Not only is cap and trade a dangerous idea for our economy, this bill is not available for public debate. H.R. 2454 has no public hearing scheduled within its presiding committees and has not even been posted on THOMAS, Congressâ€™ public legislative database. So much for Obamaâ€™s promise of transparent governmentâ€¦