I have just finished the CBO report for H.R. 2454, otherwise known as Cap and Trade, and it is just like a well written 1,428 page horror story that gets scarier with every turned page. In fact it is such a well written horror story that only Congressman Edward Markey (D-MA7) was willing to be a co-sponsor. The CBO report shed a bit of a different light on the legislation than the summary because it lays out the fiscal damage and government growth points better. It is also easier to read and understand. Despite these benefits, there is also a great deal of pertinent information that the CBO report does not touch on. Therefore, I will write a multi-part series on this fiasco and will do the same when the Senate version becomes available on April 26th.
H.R. 2454 is all about attempting to mitigate America’s role in manmade global warming while assisting and encouraging other countries to do the same. The bill will limit the amount of greenhouse gases (GHG) emitted by a variety of sources from power generating facilities to product manufacturers and everything in between. H.R. 2454 will also mandate a myriad of energy efficiency programs as well as the creation of a national smart grid, regulate the efficiency of a standard light bulb, create new agencies and bureaucracies, implement more cash for clunkers programs, and the list goes on. The hardest hit will be the power production entities and manufacturers. There are several points that need to be brought to light from the CBO report. Each point will be examined in its own part of this series. The first is the greenhouse gas emissions reduction targets and subsequent government “allowances” for emitting such gases.
H.R. 2454 is all about attempting to mitigate America’s role in manmade global warming while assisting and encouraging other countries to do the same. The bill will limit the amount of greenhouse gases (GHG) emitted by a variety of sources from power generating facilities to product manufacturers and everything in between. H.R. 2454 will also mandate a myriad of energy efficiency programs as well as the creation of a national smart grid, regulate the efficiency of a standard light bulb, create new agencies and bureaucracies, implement more cash for clunkers programs, and the list goes on. The hardest hit will be the power production entities and manufacturers. There are several points that need to be brought to light from the CBO report. Each point will be examined in its own part of this series. The first is the greenhouse gas emissions reduction targets and subsequent government “allowances” for emitting such gases.
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