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Obama: ATM In Chief?
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Harrison
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alternative energy Brookings Institution cap and trade Coalition for Affordable American Energy deficit Democrats Liberals Obama Spending taxes
Can you catch all that money?
How many trillions has President Obama doled out in the short time he’s been in office? Looks like there’s yet another needy group of people who might win big if Cap and Trade passes: the very people it’s going to hurt. That’s right… the Democrats are trying to pass one of the most destructive bills ever to the U.S. economy but they want to bribe the people who will be hurt most by it into submission and sock it to the taxpayers all to gain support in the energy industry:
Workers who lose their jobs if the pending climate change legislation becomes law could get a weekly paycheck for up to three years, subsidies to find new work and other generous benefits — all courtesy of Uncle Sam — under a little-noticed provision of the bill.
So let’s look at this for a moment… why the bribe (sorry I mean “assistance”)? Basically because the Democrats know Cap and Trade will be a jobs killer robbing businesses of billions of dollars in profits every year all so they can pay Uncle Sam. How much money are we talking about here anyway?
Adversely affected employees in oil, coal and other fossil-fuel sector jobs would qualify for a weekly check worth 70 percent of their current salary for up to three years. In addition, they would get $1,500 for job-search assistance and $1,500 for moving expenses from the bill’s “climate change worker adjustment assistance” program, which is expected to cost $4.2 billion from 2011 to 2019.
Just how many jobs are going to be lost? Depends on who you listen to here are some estimates (low and high):
While the analysis assumes displaced workers will eventually find jobs, the liberal-leaning Brookings Institution predicts a net job loss of 0.5 percent over the first 10 years that carbon reduction legislation, called “cap-and-trade,” is in effect. The conservative Heritage Foundation found that by 2030 net job losses would top 1.1 million, while the Coalition for Affordable American Energy, an industry group, estimates that more than 3 million jobs would be lost by 2030 as a result of the cap-and-trade system.
Of course, there will be many people put out of work, companies will suffer financially, and the taxpayer (once again) will take it in the painful place as Obama racks up even more debt with the Chinese and other countries as they (for now) are willing to buy our IOUs. The best part of the whole thing is we’ll be waiting until Obama’s term is over until we notice that giant sucking sound:
“I doubt there will be a bunch of people filing for assistance when the bill first launches because it won’t have a huge economic effect for at lease five years,” said James Heintz, associate director for the Political Economy Research Institute at University of Massachusetts at Amherst, who co-authored a study on job creation under the bill.
I think the timing is pretty sweet for the president. He can claim “victory” in “global warming” but won’t have unemployed Americans wanting to vote him out of office when he runs for re-election.
They say every time a bell rings an angel goes to heaven. How much money does it cost us every time Obama opens his mouth?
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07:30
All these people losing their jobs is troublesome. However, I am more concerned about losing the product of their labor with no viable alternative to replace what they were producing. In an economy like ours, people should lose their jobs when a formidable competitor puts them out of work by offering something better than what they were producing. This hasn’t happened with energy yet, and so to be putting these people out of work by legislative fiat is un-American and anti-captialist, and I predict this is going to cause a lot of pain – even to those who are currently doped up on hope enough to believe that this isn’t really going to affect them.
burro´s last blog ..China: Red Star Falling
11:47
Whats up Harrison, your blog is very interesting
I have replied to your post on my blog as I mildly disagree with your statement. Although you are right he is spending allot he is only doing so because of the mess bush has gotten us into. All cannot be blamed on bush though, there are allot of factors that are involved involved in our ever growing debt and you just cant fix that without spending more money. You have to spend money to make money 
Alexander Davis´s last blog ..No Bush was the ATM In Chief!!
12:30
Thanks for visiting and for the comments. Very often it is said: “Obama must borrow so much money because of Bush.” Obama claimed the stimulus had no pork in it, though we all know that was untrue. It does take money to make money but that usually doesn’t involve going $1 trillion + into debt with the Chinese.
Check out this and tell me what you think:
http://harrisonprice.com/wp-content/uploads/2009/06/090624-debt2.jpg
12:50
Woah, Yeah that is incredible. I think this country is going down the drain. I better move to china before they close their borders
Interesting chart… Can I use that for a future post ?
Alexander Davis´s last blog ..No Bush was the ATM In Chief!!
13:01
The chart is not mine… feel free to use it. Living in China won’t be much better I think.
16:42
Hahaha, I know.. I dont know what were gonna do. I’m gonna have a ball with your blog now that I have my own. Your views are similar but you dislike obama its funny/interesting
Alexander Davis´s last blog ..No Bush was the ATM In Chief!!
16:45
I’m into go not show.
11:36
It does take money to make money. However, using highly leveraged money to make money is extremely risky, and at some point you become overleveraged -meaning you are unable to make enough money to pay off the amount that you borrowed in order to make money. Unless of course, you can print money.
burro´s last blog ..China: Red Star Falling
11:39
Isn’t that how we got into this mess to begin with?
13:43
John Templeton once said the four most expensive words in the English language are: this time it’s different.
Burro´s last blog ..China: Red Star Falling