Climate / Energy Bill will Shift Billions to Foreign Countries

Climate legislation that House Democratic leaders will bring to the floor Friday will raise the costs of nearly every staple in American life — electricity, food, gasoline and scores of goods and services, adding drag to an already sluggish economy. The last thing Americans need right now is higher energy taxes, which will disproportionally affect the poor and middle class and ripple through all sectors of the economy.

But there are always winners and losers and, under the proposed policy, no one would win quite so much as China.

By adding a new energy tax, the bill will increase China’s manufacturing advantage, but worse, provisions of the act will actually subsidize Chinese energy by allowing for the direct transfer of hundreds of billions of dollars to China and other developing nations.

When our electricity bill jumps, when the cost of hamburgers rises, when the price at the pump soars, U.S. tax dollars will be subsidizing these same costs abroad.

President Barack Obama’s climate negotiators are already signaling that they will cave to the demands of China and other developing nations. Recent comments from key negotiators indicate that the U.S. will not demand that China make emissions cuts similar to the ones being considered by the House of Representatives this week, despite the fact that China is the largest emitter of carbon dioxide on the planet.

The American Clean Energy and Security Act, introduced by Reps. Henry Waxman (D-Calif.) and Ed Markey (D-Mass.), puts a cap on greenhouse gas emissions, the primary byproduct of energy production from cheap, abundant fossil fuel sources like coal and natural gas. Utilities and other industries

that the bill covers will be able to buy offsets from other nations. - Politico Story by Rep. Jim Sensenbrenner

Looks like things aren't always as they seem. Earlier there was an article on how this plan wasn't going to cost us anything. As a matter fact the Government might make money on it. Well, now we hear the other side of it and it doesn't sound so rosy, or such a good idea.