Thursday, August 19, 2010

Toomey: Cap 'N Trade = High Taxes, Job Losses

In an op-ed in the Wilkes-Barre (PA) Times Leader, Pennsylvania GOP Senate candidate Pat Toomey makes some good points about the proposed federal cap 'n trade bill that his liberal opponent, Joe Sestak supports.
Here's part of what Toomey says:
Last spring, Congressman Sestak co-sponsored and voted for a cap-and-trade bill that would impose a massive tax on energy. If you put a massive tax on energy, all forms of energy – from electricity, to gasoline, to natural gas – become more expensive. That means families have higher electricity bills, it costs more to fill up at the pump, and businesses, especially energy intensive industries, will have to deal with skyrocketing costs. The inevitable result will be fewer jobs, and the industrial base in Northeastern Pennsylvania would be especially hard hit.
Read the full piece at the Times Leader.

1 comment:

Josh said...

I wish I could trust either of the major parties on fiscal responsibily. But I can't because neither one has proven worthy of such trust. Reagan, Bush I and Bush II may have taken different roads to fiscal irresponsibility than Obama and Carter, but they all were fiscally irresponsible. And while Congressional Republicans like to spend money we don't have on different things than Democrats, they both like to spend money we don't have. And they both end up screwing over the middle class.

As for Cap and Trade, I'm certainly not crazy about it either and I agree that it may just drive up the prices of existing energy sources rather than encourage the development of new ones. But we do need to move off of oil. Even if we just "drill baby drill," oil supplies won't last forever. So how can we encourage the development of other energy sources (including overcoming the fear some have of nuclear power) without raising existing energy prices and/or costing jobs?