Kerry and Lieberman Unveil Their 1000 Page Cap and Tax Bill Supported by GE and BP

Let’s just hope this bill is dead on arrival. If not, expect the economy to get a whole lot worse.

The Hill: Sens. John Kerry (D-Mass.) and Joe Lieberman (I-Conn.) on Wednesday unveiled their nearly 1,000-page climate change bill, flanked by environmentalists, religious and ex-military leaders and energy industry officials.

But the glaring absence of a GOP senator underscored the bill’s gloomy future in the 111th Congress.

You’ll never guess which companies have come out in support of the bill!

The bill has the support of the Edison Electric Institute, a large trade group that represents for-profit utilities, and encouraging statements also poured in from companies including GE, although, like many, the company hedged slightly and said it “supports the process” that Kerry and Lieberman initiated.

Oil giant Shell issued a supportive statement, and Kerry also cited support from BP and ConocoPhillips.

Hmmm. What are Shell, BP and ConocoPhillips getting out of this? Are they getting some sort of payback for their contributions to Democrats? Or are they afraid that if the Senate doesn’t pass something the EPA will just make it all worse? Either way, passage of this bill will not be good news for average Americans.

The Foundry: For all the Americans who didn’t have a seat at the table, the story is not as glamorous. This is a significant tax on energy that will reduce Americans’ income and destroy jobs. Neither cap and trade nor any of its variations can protect consumers. The whole reason for a cap and trade system is to drive up energy prices high enough for people to use less. Despite claims that consumers will eventually save money and that the will be rebated back to the consumer, the net effect is that consumers still pay more for energy and income and savings will fall. In spite of the best attempts by households and businesses to adjust to CO2 caps, the ensuing higher energy costs impose extraordinary losses on the economy. Even a recent analysis from the Congressional Budget Office shows net job losses from carbon capping policies.

I don’t know about you, but where I live the last thing we need is an increase in energy prices.

Via memeorandum