Veer Right

The House of Representatives has passed the destructive Waxman-Markey bill.  How smart is it to force a global warming tax bill that will affect the incomes of all Americans – rich or poor during a recession that may turn into a Depression?  In fact some analysts have called this a depression.  This is ideological garbage that America does not need.  All the Obamaites will wake up come next year when their discretionary income has shrunk because of higher gas, electricity, and food costs.  Last Summer was just a taste of high gas prices will go.  We ain’t seen nothing yet.  Add to this the fact that the dollar’s purchasing power will weaken as inflation takes off because of the massive bloated spending being done by Barack Obama and this Democratic Congress.  The Hope and Change crowd is about to get a rude awakening.

Perhaps the most destructive legislation in our country’s history will, as soon as this week, be voted on in the House of Representatives: the Waxman-Markey tax bill in the guise of addressing climate change.

It will have adverse and lingering consequences for every American. It will raise the cost of electricity in our homes, the fuel for our cars and the energy that produces our manufacturing jobs, with little or no environmental benefit.

Further, independent experts estimate that it will cost Americans more than $2 trillion in just over eight years.

All Americans in the Midwest, South and Rocky Mountain regions will be most drastically affected because the climate change legislation will destroy the nation’s coal industry and the low-cost electricity it has provided to these regions for generations.

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Hot Air has the list of the 8 Republicans that voted for the cap and trade bill:

Bono Mack
Castle
Kirk
Lance
LoBiondo
McHugh
Reichert
Smith (NJ)

These 8 must go.

Without question, this Democratic-led Congress and White House have been the most fiscally reckless and irresponsible in our history. These captains of the Titanic know the iceberg looms in the murky distance, but instead of taking evasive action, they’re screaming “full steam ahead” as the ship readies for impact.

It won’t take long for us to hit the ice.

Let’s see. There’s $787 billion in stimulus, $700 billion in TARP spending and hundreds of billions in bailout funds for the automakers and Fannie Mae and Freddie Mac. This year alone the spending will approach $4 trillion, 117% above the $1.8 trillion spent in 2000.

This unprecedented increase will lead to expected deficits of $1.8 trillion this year and as much as $13 trillion through 2019. Over that time, the U.S. will go from having a fairly manageable debt load to one that threatens our financial stability.

According to the CBO, at the end of 2008, federal debt held by the public (see chart above) was 41% of GDP — far less than most countries in the European Union or Japan. But it won’t last. In just two years, the debt load will leap to 60% of GDP, and to 87% by 2020 and 181% by 2035 — just 25 years away.

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