Saturday, November 24, 2007

Poor, Elderly to Suffer Most from Global Warming Legislation

As usual, while bemoaning the state of the environment and quaking in their political shoes should they not be perceived as doing enough about global warming, politicians like Barbara Boxer are closing their eyes to the substantial financial burden that legislation to adopt carbon mandates without enacting polices to increase domestic energy supplies will cause hard-working Americans.

At today's Environment and Public Works Committee hearing, several Senators called for more time to review and analyze the economic impacts of the Lieberman-Warner global warming cap-and-trade bill. Senator Barbara Boxer (D-CA), the chair of EPW, rejected such calls saying no more time or analysis was needed to mark up the bill (S.2191).Nov 15, 2007

Yet analysis of the Leiberman-Warner bill by the Energy Information Administration (EIA) shows that energy costs for both consumers and employers will zoom. The hardest hit will be the working class, the elderly and the poor.

Here's an example:

*Higher natural gas use means natural gas prices are 41 to 53 percent higher in 2030 than business as usual projections.

*Electricity prices in 2030 are between 34 to 40 percent higher than business as usual projections.

in testimony before the EPW Committee last week, Dr. Anne Smith of Charles River Associates International said the Lieberman bill would cause welfare losses of $4 to $7 trillion between 2010 and 2050.

Al Gore's 20-room mansion uses more energy in one month than the average American does in one year. Be assured that he is among the few who will be able to continue this level of consumption if legislation like this passes. The rest of us won't be able to afford the little we manage to pay for now.



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