Wednesday, July 8, 2009

EPA admits Cap & Trade Will Not Effect Climate

If the U.S. unilaterally enacts Waxman Markey cap and trade without equally significant action from China, India, and the rest of the developing world - which are not going to happen - the end result by 2035 will be:

Tax Revenues Transferred To Government: $5.7 trillion from 2012-2035 (Heritage est.)

Climate Impact: 0

Doesn't that sound like a deal. This from the Heritage Foundation:

. . . It should be a red flag when the Environmental Protection Agency (EPA) admits cap and trade won’t work. At yesterday’s hearing before the Senate Environment Public Works Committee,

EPA Administrator Jackson confirmed an EPA analysis showing that unilateral U.S. action to reduce greenhouse gas emissions would have no effect on climate. Moreover, when presented with an EPA chart depicting that outcome, Energy Secretary Steven Chu said he disagreed with EPA’s analysis.

“I believe the central parts of the [EPA] chart are that U.S. action alone will not impact world CO2 levels,” Administrator Jackson said.

Sen. James Inhofe (R-Okla.) presented the chart to both Jackson and Secretary Chu, which shows that meaningful emissions reductions cannot occur without aggressive action by China, India, and other developing countries. “I am encouraged that Administrator Jackson agrees that unilateral action by the U.S. will be all cost for no climate gain,” Sen. Inhofe said. “With China and India recently issuing statements of defiant opposition to mandatory emissions controls, acting alone through the job-killing Waxman-Markey bill would impose severe economic burdens on American consumers, businesses, and families, all without any impact on climate.” . . .

This is huge news. It made it to Fox News, but it does not even appear in the NYT or the Washington Post. Amazing.

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