Victims of cap and trade

Mitch Daniels:

...

Quite simply, it looks like imperialism. This bill would impose enormous taxes and restrictions on free commerce by wealthy but faltering powers -- California, Massachusetts and New York -- seeking to exploit politically weaker colonies in order to prop up their own decaying economies. Because proceeds from their new taxes, levied mostly on us, will be spent on their social programs while negatively impacting our economy, we Hoosiers decline to submit meekly.

The Waxman-Markey legislation would more than double electricity bills in Indiana. Years of reform in taxation, regulation and infrastructure-building would be largely erased at a stroke. In recent years, Indiana has led the nation in capturing international investment, repatriating dollars spent on foreign goods or oil and employing Americans with them. Waxman-Markey seems designed to reverse that flow. "Closed: Gone to China" signs would cover Indiana's stores and factories.

Our state's share of national income has been slipping for decades, but it is offset in part by living costs some 8% lower than the national average. Doubled utility bills for low-income Hoosiers would be an especially cruel consequence of the Waxman bill. Forgive us for not being impressed at danglings of welfare-like repayments to some of those still employed, with some fraction of the dollars extracted from our state.

And for what? No honest estimate pretends to suggest that a U.S. cap-and-trade regime will move the world's thermometer by so much as a tenth of a degree a half century from now. My fellow citizens are being ordered to accept impoverishment for a policy that won't save a single polar bear.

We are told that although China, India and others show no signs of joining in this dismal process, we will eventually induce their participation by "setting an example." Watching the impending indigence of the Midwest, and the flow of jobs from our shores to theirs, our friends in Asia and the Third World are far more likely to choose any other path but ours.

...

No one in Indiana is arguing for the status quo: Hoosiers have been eager to pursue a new energy future. We rocketed from nowhere to national leadership in biofuels production in the last four years. We were the No. 1 state in the growth of wind power in 2008. And we have embarked on an aggressive energy-conservation program, indubitably the most cost-effective means of limiting CO2.

...

The Waxman bill will be a disaster for the US economy and some states will pay more than others for that disaster. Pardon me if I don't expect to get a rebate of my overpayment. I have always hated all rebate schemes anyway. You wind up paying higher sales taxes for products or services because you pay on the pre rebate amount and then you have to wait months to get the rebate. If given the choice I will always go with the lower price now.

Daniels is also right to focus on the cost versus no benefit of this control freak scheme.

Tim Carney points out how the pork is distributed in the Waxmen bill. It should be no surprise that Democrat contributors are the winners.