The Treasury Department has reported that Team Obama’s claims about the “nominal” costs of its cap-and-trade bill aren’t really so nominal, after all.
And Team Obama knew it all along.
Nice. In one fell swoop, the Obama folks broke two separate campaign promises:
* No new taxes on anyone making less than $250,000 a year.
* Complete transparency in the legislative process.
How exactly did it break these vows?
Look at the Treasury report.
The report shows that the cap and-trade bill the White House is pushing in Congress — in which companies have to buy “allowances” for carbon emissions — is far more expensive for Americans than advertised.
Sure, everyone knew the firms would pass these costs along to customers. But supporters of the bill claimed that consumers would face only “nominal” increases — barely $200 a year.
Wrong. The Treasury analysis puts the actual nationwide cost of cap-and-trade at some $200 billion a year — or $1,761 per household. That figure is very close to the $1,870 amount estimated by the Heritage Foundation prior to the vote in the House.
Families will be hit with a steep climate-change tax, after all. And that will certainly include working- and middle-class folks who make less than $250,000 a year.
Second, the analysis was kept secret and only recently leaked. That directly violates President Obama’s vows of transparency.
Even so, the bill barely passed in the House, 219-212, with 40 Democrats voting against it. It’s facing difficulty in the Senate, too: Ten Dems there urged that it be dumped in favor of a carbon tariff. (This is called compromise, Democratic-style: Instead of a job-killing cap-and-trade tax, they settle for a job-killing import tax.)
This bill needs to die in the Senate.
More troubling, though, is the wholesale breaking of Obama’s vows.
After all, this is only his first year in office. (SOURCE)