Letter: 'Cap and tax' is a bad policy
For several months, we have been hearing about Congress' proposed "Cap and Trade" national energy tax, or "Cap and Tax," as I call it for short.
We have just learned that Congressional leadership intends to push it through the House of Representatives this very week.
Cap and Tax as an environmentally friendly energy solution is a textbook example of good intentions gone wrong.
Not only will government-regulated caps on carbon emissions do little to nothing to lower CO2 emissions here or around the globe, but it will also be an unmitigated economic disaster.
Cap and Tax will cause the cost of energy to skyrocket, as it will just about every good or service you buy.
Cap and Tax will increase electricity rates 90 percent and gasoline prices 74 percent, after adjusting for inflation.
The average American family's energy bill will be $1,500 more every year!
That is $1,500 less to spend on groceries, gas, summer camp and school supplies -- all of which will be simultaneously more expensive thanks to Cap and Tax.
Even worse, 1.1 million more jobs will be lost, at peak unemployment almost 2.5 million more workers will be left at home.
And, your share of the federal debt will increase by 26 percent -- that's an additional $29,150 per person.
I agree that we need to change the way we power America. We need more American-made energy to reduce costs and improve energy security.
But, reform that comes at the cost of millions of jobs and more of your hard-earned income and that doesn't live up to its purported promise is not the right reform.
For more than a year, I have been calling for an "all of the above" approach to energy policy and I've introduced legislation to promote new energy technologies, tap American energy resources, cut red tape that binds American energy access, and create new American jobs.
American innovation can decrease our dependence on foreign oil, build nuclear power plants, continue improvements in battery and hydrogen technology and more.
That's the kind of energy policy we should pursue; not Cap and Tax.
Congresswoman Michele Bachmann
United States Congress