The "cap and trade" bill that is now working its way through Congress has certainly been drawing its share of criticism. And well it should, because the reality of it is that it's nothing more than a huge tax increase on everyone, including the companies who generate our much-needed electricity.
A well-known investor by the name of Warren Buffett stated in an interview on CNBC's "Power Lunch" program on June 24, "National energy tax will hurt poor Americans. I think if you get into the way it was written, it's a huge tax and there's no sense calling it anything else. I mean, it is a tax. And it's a fairly regressive tax." He went on to say, Very poor people are going to pay a lot more money for electricity." If someone as knowledgeable as Buffett finds fault with this bill, what are we, as consumers, supposed to believe? I tend to believe Buffett's analysis of this bill.
Rep. Collin Peterson has already voted yes on the House version of this very controversial bill. Apparently he's lost his touch with Minnesotans if he thinks voting for a massive energy tax is in their best interest. Apparently his congressional salary leaves him with plenty of money and he doesn't mind paying the government even more when he uses a light bulb or turns up the heat when it's 10 degrees below or driving to work every day. These aren't luxury items, these are absolute necessities to ensure that we can continue rebuilding our state and nation. This new national energy tax that Peterson voted in favor of threatens our livelihood and our families. Might I add that Collin Peterson was elected to represent us, but when he voted for this massive energy tax, he voted against us!
President Obama has already admitted that "cap and trade" means electricity rates would rise substantially. When asked about the issue of coal-fired power plants, he stated that electricity rates would necessarily "skyrocket"... You have to ask yourself: Whose side are these guys on?