From some twittet working for McKinsey (and heading up a non-profit corporation) in London:
If Barack Obama gets his way we could see the unleashing of a green revolution which will lift the economy.
Mr Obama and his team are strong supporters of a cap-and-trade scheme, similar to that operating in Europe, to cut greenhouse gas emissions. The Obama version would auction permits to pollute, among companies which burn fossil fuels. Over time the number of permits would fall, ratcheting down the “cap” on total pollution. It’s a simple idea, invented in the US in the 1980s, to combat acid rain.
This is the wonderful idea that even the High and Self-Important one admitted would “cause electricity costs to skyrocket”. But that’s not a concern to somebody who’s energy costs are completely paid for by the government:
Old economy pundits fear that a cap-and-trade scheme will hit the economy when it is down, by raising electricity prices and slashing energy company profits. Mr Obama doesn’t seem to buy that line. Asked by Time magazine a few weeks ago whether he wouldn’t need to go slow on introducing cap-and-trade, he said that part of the revenue raised by auctioning permits should go straight back to the consumer, maybe through a rebate on payroll tax. John Podesta, the head of Mr Obama’s transition team, has suggested that the revenues could be used to build new clean-energy transmission lines, and to insulate homes, thus giving a short-term stimulus.
Why do I believe that the government will simply keep all the money to spend on things it thinks are important – rather than actually sending any of it back to the peasants. Because its all right there for everybody to take:
A cap-and-trade scheme could raise around $150 billion a year. The American pipe-fitters union supports carbon caps because they are likely to mean non-exportable jobs in laying a new energy infrastructure. “Weatherisation” (insulating homes) could be the centrepiece of a green new deal that creates “green collar” jobs and simultaneously saves people money on their energy bills. This is FDR in triplicate: creating jobs, cutting energy bills, and boosting hundreds of small companies which are already manufacturing everything from solar components to LED lighting to high-tech coatings for wind turbines (some of which are incidentally, being made from old car parts). Far from being a one-way drain on the economy, green regulation could boost the economy in straitened times.
Your future awaits. Union thugs stuffing insulation into houses no one can afford because electricity and a mortgage are too expensive, hunched over your latest tax bill reading by the light of your teeny tiny LED and simply hoping the wind blows for another 10 minutes before you go completely dark.
The next generation will really be happy about that. They won’t even be able to play their iPods since the green taxes on any electronics will be 1000%.
Are you stocking up on candles people?