The nation's gross domestic product contracted at an annualized rate of 3.8 percent in last year's fourth quarter -- the worst economic record in nearly three decades. Is this really a good time to be talking about a carbon tax? How will such talk impact investment decisions?
Obama promises to use some of the revenues for tax relief for certain workers and some of the rest for subsidies for alternative energy. But that won't make up for the damage this huge new tax will do to the economy, especially in Michigan.
A similar program in Europe hasn't worked. European automakers complained about carbon dioxide limits the European Union proposed in 2007 as damaging to the economy.
The Obama cap-and-trade program will place even more of the economy under the control of the federal government. The only upside is that the negative impact it will have on economic growth and job creation will take care of the carbon emissions problem, for sure.
EXACTLY. (VIA MEMORANDUM.)
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