So what do you do when the market crashes, unemployment is high, and production is low? Well, you simply pass laws to exacerbate the situation, that’s what you do. And that is exactly what the 1,200 page Global Warming Bill is going to do.
The Global Warming Bill will have the same impact on our economy as the Smoot-Hawley Tariff Act. It will kill it. The Smoot-Hawley Act, through protective tariffs, killed demand for American products world wide. This lowering of demand hindered America’s economic recovery. The Global Warming Bill is meant to reduce emissions, but the only thing it will reduce is our chance of an early economic recovery.
The Global Warming Bill will have one significant imapact, it will increase the cost of production. But the corporations will not feel this increase in production cost, because they will transfer the cost to their employees, who will be laid off, and the consumer will pay higher prices.
Initiatives like the Global Warming Bill, which is basically a cap and trade, have been attempted in other countries and have been dismal failures. If we can not learn from the experience of others we are simply traveling down the road of insanity.
And to be honest, the Global Warming Bill has already done more harm than good to the environment. Hundreds of trees have been chopped down and tons of hot air has been spewed to defend it.
* And I know the Smoot-Hawley Tariff Act was pass in 1930. But the title won’t be as catchy with that year.