The Money Trail Global Warming Tax Bill Will Handicap Foreign Trade, Jobs
| July 14 2009
A new GAO report concerning the cap and trade global warming tax tells us what many of us already guessed: this self-destructive legislation will severely handicap American business’ ability to compete in the global market. The report was authored by Loren Yager, GAO director of international affairs.
If we figuratively put one leg of the American economy in a plaster cast, we will be at a severe disadvantage when competing for international business when other countries can sell similar products for much less–countries that frankly don’t care the slightest bit about playing silly global warming games with their economies.
Due to runaway business costs brought on by excessive government regulation, taxation and union demands, American business already has a difficult time competing in the world market.
This silly global warming tax may just sink American business internationally at a time when we are already struggling to remain competitive.
From CNS News:
“We are trying to make the Congress aware of that kind of a situation, so that they can look at particular features of the legislation,” Yager said, and “to try to seek an international agreement in order to prevent these kinds of competitiveness shifts from occurring.”
Yager authored a July 8 GAO report titled, “Climate Change Measures: Considerations for U.S. Policy Makers.” It argues that China, which provides half of the world’s steel, would benefit if the U.S. adopts cap-and-trade energy legislation.
“Adverse competitiveness effects from emissions pricing could increase the already growing share of Chinese imports,” the report stated.
The U.S. already spends approximately $30.5 billion importing China’s iron and steel,
The four U.S. industries at a disadvantage include chemicals, primary metals, paper, and non-metallic mineral manufacturers. The GAO calls them “trade and energy intensive” industries. They account for 4.5 percent of Gross Domestic Product, according to the report.
“Together, these four industries provided 23 percent of total U.S. manufacturing output in 2007 and had trade flows of about $500 billion,” stated the report.
Cap and trade legislation, already passed by the U.S. House and being considered in the Senate, is one of the most hostile pieces of legislation we have ever seen in this country. It is directly contemptuous of the U.S. Constitution, American business, American freedom and the American taxpayer.
It will raise our electric bills by 40% or more, destroy thousands of jobs, threatens development of new power plants, may bankrupt the coal industry, will raise the price of gasoline by 77 cents a gallon, …all to maybe reduce global temperatures by 9/100ths of one degree over the next forty years.
No matter how you look at it, this legislation would be devastating to American strength and prosperity…for no good reason.
We must convince the Senate to reject this overtly hostile and contemptuous assault on the American way of life.
And we must remember to “reward” those senators and congressmen who vote for this bill when they come up for re-election.
