Cap and Tax (and Tax and Tax and Tax)
The Pelosi Democrats will try and push through the massive tax hike that is disguised as “cap and trade” today, and the 1200 plus page bill is constantly changing and of course has not been read much less understood by the Democrats voting for it. If this bill or anything remotely like it becomes law, the American economy will be pushed into a deep recession that will make the past six months look like the good old days.
Moderates and conservatives are wrong to expect that the Senate will simply kill the bill, though all efforts will have to be switched immediately to the upper chamber if the Pelosi/Waxman/Markey radicals bribe enough Dems with special provisions to pass it today. The so-called Blue Dog Democrats are proving to be worthless as a check on the hard left of their party, and only a huge course correction in November 2010 will keep the country safe from the radicals currently running the Democratic caucus in the House. No one who votes for this bill can claim to be a “moderate Democrat.”
An analysis of the Waxman-Markey bill (as reported out of the House Committee on Energy and Commerce) by The Heritage Foundation found that unemployment will increase by nearly 2 million in 2012, the first year of the program, and reach nearly 2.5 million in 2035, the last year of the analysis. Total GDP loss by 2035 would be $9.4 trillion. The national debt would balloon as the economy slowed, saddling a family of four with $114,915 of additional national debt. Families would also suffer, as the bill would slap the equivalent of a $4,609 tax on a family of four by 2035.