More Climate-Bill Preview
Reading the summary of Kerry-
Graham-Lieberman, I see a heavy emphasis on how this doesn’t cost anything and really, really isn’t a payoff to the Wall Street guys who, oddly enough, are the bill’s heaviest promoters. Really.
Also note the following excerpts — just to remind you how it doesn’t cost anything. (And, incidentally, note the emphasis on “day one” — on the heels of the administration’s fetish for the phrase while scrambling to defend their molasses-slow Gulf-spill response. You’re doin’ a heckuva job, Kerry!):
The American Power Act sends two-thirds of all revenues not dedicated to reducing our nation’s deficit back to consumers from day one. The rest is spent ensuring a smooth transition for American businesses and investing in projects and technologies to reduce emissions and advance our energy security. In the later years of this program every penny not spent to reduce the deficit will go directly back to consumers.
[However . . . ] The American Power Act invests in technology to harness domestic power supplies and reduce our dependence on foreign oil. . . .
By investing in innovation across all energy sources, we will create millions of jobs rebuilding our energy infrastructure as we reinvigorate our manufacturing base. . . .
From day one, two-thirds of revenues not dedicated to reducing our deficit are rebated back to consumers through energy bill discounts and direct rebates. We also provide assistance to those Americans who may be disproportionately affected by potential increases in energy prices through tax cuts and an energy refund program.
After the initial transition period, revenues go into a Universal Refund that will increase until all revenues not spent to reduce the deficit are refunded directly to consumers. . . .
We provide over $7 billion annually to improve our transportation infrastructure and efficiency. [Where's it come from? The gas tax hike. Guess who that bought off?]
We make important new investments in developing and manufacturing advanced vehicles. . . . We also significantly increase incentives for clean-technology manufacturing . . . by $5 billion [per year]. . . .
Alongside these priorities, we also support community economic adjustment assistance and worker training. . . .
We establish a new multi-billion-dollar revenue stream for agriculture through a domestic offset program. . . .
Additionally, the bill supports the Rural Energy for America Program. . . .
The American Power Act funds critical investments in clean energy research and development. . . .
We also establish pilot projects. . . .
[It provides] $2 billion per year for researching and developing effective carbon capture and sequestration methods and devices. We also provide significant incentives for the commercial deployment of 72GW [sic] of carbon capture and sequestration. . . .
We have included a broad package of financial incentives to increase nuclear power generation. . . . We invest in the research and development of small, modular reactors. . . . “
WHERE DOES ALL OF THIS MONEY COME FROM, IF IT DOESN’T COST ANYTHING?
And, erm, note the last section, 7001: “Budgetary Effects: Statutory PAYGO applies to this legislation.” That’s right. All of those billions are “paid for” — by you, now.