Energy & Environment

Waiting to Exhale: Biden’s $1.7 Trillion Anti-CO2 Tax Hike

Former Vice President Joe Biden speaks during a political rally in Newark, New Jersey, October 12, 2017. (Eduardo Munoz/Reuters)
His ‘Clean Energy Revolution’  echoes Obama-Biden’s eco-failures.

Former vice president Joe Biden’s Clean Energy Revolution exploded on the launch pad Tuesday. Large, now-attributed passages of his manifesto against so-called global warming initially were lifted from other publications. Biden’s plagiarism recalled his flat-out theft of a speech by far-left British parliamentarian Neil Kinnock in 1987.

But Biden’s plan is far worse than just partially stolen. It confirms that the “centrist” Biden is just another big-government leftist, hooked on high taxes and reckless spending.

Biden’s Revolution is a $1.7 trillion tax hike. It enshrines his pitch to voters in South Carolina and elsewhere: “First thing I’d do is repeal those Trump tax cuts.” Biden pledges to rescind the tax relief that has resuscitated U.S. industry, revived 3.2 percent GDP growth, and reduced unemployment to 3.6 percent and historical or near-record lows for blacks, Hispanics, and women.

After siphoning $1.7 trillion from America’s productive sector, Biden would follow the liberal playbook: Assign Washington-based experts to redistribute this bounty more wisely and justly than the bedraggled American people ever could.

Biden, no surprise, recommends a Santa’s sleigh of “allocated tax credits and subsidies” for “sustainable” initiatives. The eco-crats will succeed next time. After all, Washington always learns from its mistakes. And mistakes multiplied as the Obama-Biden administration poured taxpayer cash into countless eco-brainstorms:

• $570 million dripped into solar-power company Solyndra. Then it went bankrupt. Obama-Biden financed 18 green companies that also died and were buried in the Heritage Foundation’s Green Energy Graveyard.

• $3 billion flowed into Cash for Clunkers. Americans traded their old automobiles for $4,500 each in federal outlays. This was supposed to create jobs in Detroit, as drivers bought new, fuel-efficient U.S. vehicles. While 38.5 percent of this program’s car purchases were domestic, J.D. Power estimated, 61.5 percent were foreign. Cash for Clunkers primarily enriched Japanese and Korean autoworkers.

• $34.7 billion cascaded from Obama-Biden’s Department of Energy into clean-tech companies. They created “nearly 60,000” jobs. Cost per post: $578,333.

Biden also offers what statists truly crave: control. They never are happier than when they can boss Americans around, from dawn to dusk.

“I fought along with President Obama,” Biden said in a video that accompanied his proposal, “for a Clean Power Plan that limited carbon emissions from both existing and new power plants.”

CPP’s reels of red tape were designed to hamstring existing energy suppliers, at injurious economic cost. Using data from Obama-Biden’s Energy Information Agency, I calculated that — between 2015 and 2040 — CPP would have:

• Slashed real GDP by $993 billion, or an annual average of $39.7 billion.

• Sliced real disposable income by $382 billion, or $15.3 billion yearly.

• Chopped manufacturing shipments by $1.13 trillion, or $45.4 billion per annum.

• Whacked 1.7 million manufacturing jobs, or 68,000 pink slips yearly.

And for what benefit?

EPA assumed no Chinese, Indian, or other cheating and forecast that Obama-Biden’s scheme would have shaved expected global warming by 0.02 degrees Fahrenheit by 2050. That’s like cranking a thermostat from 72 degrees way, way down to 71.98 degrees.

As Americans for Tax Reform reports, Biden also wants an “end-to-end high-speed rail system that will connect the coasts.” Ideally, a Japanese-style U.S. bullet train would zoom at 200 mph. Thus, today’s 2,450-mile, 4.5-hour, nonstop jet ride from Los Angeles to New York would last at least 12.25 hours on Bidentrak. (A 24.5-hour round trip would devour more than one entire transit day.) Why would anyone travel nearly three times more slowly by rail than air — assuming neither stops nor glitches?

Beyond staying in Delaware, Joe Biden’s Earth-friendliest move would be to recycle his Revolution and, instead, promote natural-gas production. Carbophobes should cheer this news: Thanks largely to gas fracking, U.S. carbon-dioxide emissions keep fallingdown 13.4 percent from 2005 to 2016 and, BP estimates, another 0.82 percent in 2017, under President Donald Trump. Meanwhile, CO2 output rose 1.8 percent in 2017 across the climate-obsessed European Union. Natural gas cuts CO2 by 42 to 53 percent versus other fossil fuels, generates jobs, and has made America the world’s largest energy producer.

More, please!

Michael Malarkey contributed research to this opinion piece.

Deroy Murdock is a Manhattan-based Fox News contributor and a contributing editor of National Review Online, and a senior fellow with the London Center for Policy Research.

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