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Cap and trade could cause ‘carbon rationing’ for individuals
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With the Copenhagen climate conference only about a month away, leaders of the countries who are a part of the UN are scrambling for ways to prove themselves to their colleagues, and make it at least appear that they are attempting to make their countries take the alleged global warming issue seriously. The latest scheme reported in The UK Telegraph has plenty of Brits highly annoyed.
Lord Smith of Finsbury presented a plan earlier in the week in which “individual carbon allowances” would be doled out to Brits in an effort to reduce their “carbon footprints.” If passed by their government, the plan would, “involve people being issued with a unique number which they would hand over when purchasing products that contribute to their carbon footprint, such as fuel, airline tickets and electricity. Like with a bank account, a statement would be sent out each month to help people keep track of what they are using.” If they hit zero, then they have to buy more credits. If they don’t use up all their credits, then they can sell them to others.
The British plan is pretty much the way that cap and trade would work in the US if it were passed by Congress. Not only companies, but individuals would be rationed a “cap” on things such as gas for their vehicles, heating and cooling their homes and businesses, and electricity. And they would be able to “trade” whatever they don’t use. Even if this particular tax isn’t directly applied to individuals at first, it will be passed on indirectly, because businesses will pass on that extra cost to customers. So once individuals start getting hit directly, they will, in effect, be getting hit twice.
Democrats are pushing for a 20 percent reduction in greenhouse gas emissions by 2020. However, back in March, The Wall Street Journal reported that the congressional budget office, ““estimates that the price hikes from a 15% cut in emissions would cost the average household in the bottom-income quintile about 3.3% of its after-tax income every year. That's about $680, not including the costs of reduced employment and output. The three middle quintiles would see their paychecks cut between $880 and $1,500, or 2.9% to 2.7% of income. The rich would pay 1.7.” With unemployment already being over 10 percent (as of this writing) Republicans have expressed a deep concern over the impact of a bill like this on the present economy if it were to pass.
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