A legislative proposal called Cap and Trade passed the U.S. House of Representatives last year, but fortunately has not passed the Senate, so it is not law. It is very bad idea; in fact, it would a big attack on our private enterprise system and on our standard of living.
The purpose of this cap and trade bill is to severely limit carbon dioxide emissions. Every business involved in carbon emissions would be required to buy permits from the government. Over time, laws would reduce the emissions allowed, which would make the permits more expensive. This cap and trade scheme would impose huge costs on the economy and undermine job creation. It would transform America from a prosperous and free country into a poor socialist country. It would create a new ruling class that would oversee and dictate economic development by forcing aa so-called environmentally friendly lifestyle on every resident.
To compel Americans to accept this massive expansion of government power, tax increases, and a reduced standard of living, the left has resorted to a campaign of fear and hysteria. They tell us that carbon dioxide emissions cause a greenhouse effect in the atmosphere and global warning, which they predict would be a global catastrophe: the melting of polar ice, rising sea levels, flooding of entire islands and coastal cities, mass starvation, and death. President Obama said, "We can't any longer drive our SUVs, and eat whatever we want, and keep our homes at 72 degrees all the time, and keep consuming 25% of the world's resources with just 4% of the world's population."
To which I say, Why not? We built this land of prosperity where we can afford a high standard of living, and we don't want big government or socialism to take it away.
Listen to this commentary: