News the Stars Bring Today

The Wall Street Journal reports that the Cap and Trade policy proposed by the Obama Administration is really a back door method of taxing the lower class. That is because they are the ones who are heavily dependent on coal-produced energy. Supposedly the Cap and Trade policies tax the “polluters”, but in reality, those industries will, of course, pass those costs on to the consumer.

Hardest hit would be the “95% of working families”. These folks will see a tax decrease “unless they use energy.” That is because these folks use a larger percentage of their take-home pay on heating their homes and driving to work. Also, as Sammy points out, the geographical inequities are the ones that need to be examined. The Midwest, Southern and Plains states are the ones most heavily hit. It’s surprising that even though the famous video of Obama saying that he would “bankrupt the coal industry”surfaced, it didn’t have much of an impact in the State of Ohio. This attests to the power of Obama’s hypnotic techniques and rhetoric.

Half of the states are powered by coal-generated electricity. Even the “making work pay” tax credit that has been suggested by the Obama administration does not really diminish the impact on the working class. Basically, the arithmetic of the Cap and trade and all the new costly programs that Obama is proposing goes a little like this: cap and Trade will be used to pay for the new programs, e.g. health care.