"What luck for the rulers that men do not think." -Adolf Hitler
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"If the government robs Peter to pay Paul, he can count on the continued support of Paul.

Thursday, November 26, 2009

Yid with Lid: CBO Projects Congressional Climate Change Bills Will DAMAGE ECONOMY

"President Obama wants to bring Cap and Trade to the United States. The Democratic Party dominated Congressional Budget Office took a look what Cap and Trade would do for the people country they reported it will hurt the poor and middle Class in America. The CBO estimates that the price hikes from a 15% cut in emissions would cost the average household in the bottom-income quintile about 3.3% of its after-tax income every year. That's about $680, not including the costs of reduced employment and output. The three middle quintiles would see their paychecks cut between $880 and $1,500, or 2.9% to 2.7% of income. The rich would pay 1.7%. Cap and trade is the ideal policy for every Beltway analyst who thinks the tax code is too progressive, as it hurts the poor more than the rich.

"Yesterday the CBO took another look at the pending Climate Change bills, but instead of reporting on its effect on individual Americans, it examines how the legislation will affect the economy in general....and its not good...."

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