Financial writer Stephen Moore sees cap and trade energy policy as a disaster for the economy.
A cap and trade bill recently passed in the House of Representatives.
“Shame on the Democrats who voted for this bill in the House,” Moore told CNBC. “This is just going to destroy a lot of jobs.
“I call this cap and trade bill the India and China redevelopment act, because all those jobs are going to move there,” he said.
The bill really hurts the Midwest, Moore said.
“Midwest states get creamed under this bill,” he said. Those states “depend heavily on coal for utilities.”
“And the utility rates are going to go way up in those Midwest states. I call it the war against the Midwest,” Moore said.
He doesn’t deny the threat of global warming, but we have to solve it “in a way that doesn’t destroy jobs.”
“The solution is to tax carbon but use the money that you save from capping carbon to reduce taxes on capital,” Moore said. “Why not use that revenue to reduce taxes on things that can create jobs in America?”
Nobel laureate Paul Krugman is one who defends cap and trade. He disputes the notion that it will boost energy prices.
“Such assertions nearly always come from people who claim to believe that free market economies … can easily transcend any constraints imposed by the world’s limited resources,” Krugman wrote in The New York Times.
So why not this time, he said.
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