On Monday the Obama administration
reissued a ban on offshore oil drilling in
the gulf after federal courts twice invalidated
the first ban, calling it "arbitrary and capricious."
The new ban is, if anything,
more restrictive than the first,
thus guaranteeing even more job losses
for the already devastated Gulf region.
Meanwhile, Majority Leader
Harry Reid (D-NV) is set to introduce
a bill that will cap greenhouse gas emissions
from power plants.
Taken together,
the President's Cap and Ban approach
to energy policy will accomplish exactly
what he set out to do from the very first day
he was sworn into office :
Decrease the amount of carbon
the U.S. economy emits by drastically
increasing the cost of energy.
The mechanism Sen. Reid will use to cap
carbon emissions is Sen. Jeff Bingaman's
(D-NM) renewable electricity standard
(RES) legislation (the American Clean Energy
and Security Act), which caps carbon from
power plants by forcing them to produce a
growing percentage of the electricity they
produce from government-approved
renewable energy sources every year.
This is essentially
cap and trade but without the trade.
If these new renewable energy sources
were actually cost effective, there would
be no need to mandate them.
Cost-minimizing firms would
adopt the technology on their
own to stay competitive.
But renewable energy is not cost-effective.
It is significantly more expensive
than traditional fuels, hence the need
for the government mandates which will
raise everyone's energy costs.
The ultimate victim
of these higher energy prices
will be you the consumer and
the American economy
http://blog.heritage.org/2010/07/14/morning-bell-cap-and-ban/
Last week the Obama administration began
rolling out new campaign titled, we kid you not,
"Yes, we did."
Did what exactly?
Waste nearly a trillion dollars
on an economic stimulus that by
every objective measure has completely
failed to perform as advertised?
Then yes you did.
A new CBS poll out today shows
that 74 percent of Americans believe
the Obama stimulus either damaged the
economy or had no effect.
Clearly the White House is on
a different planet than the rest of the country.
In another dispatch from Planet Obama,
the White House Council of Economic Advisers
released a report today purporting to prove that
President Obama's stimulus has saved or created
3 million jobs and is on track to meet its goal
of 3.5 million jobs by the end of this year.
Where do they come up this slop?
This White House has lost all
credibility on economic issues.
That is why a new Washington Post poll
released Tuesday again showed that a majority
of Americans disapprove of President Obama's
handling of the economy.
But forget the polls
and the hype emanating from the CEA.
Here are the cold hard facts :
The President's original target
for jobs creation set during the
campaign in the fall of 2008 was
2.5 million jobs.
But as employment fell
at the end of 2008, he increased
the employment target by 1 million
to 3.5 million jobs.
At the time, employment stood at
about 135.1 million, according to the
DOL's most commonly used measure.
This establishes the Obama jobs target
for December 2010 at 138.6 million.
It also establishes a basic trajectory
for employment the economy would
need to approximate to hit that target.
According to the latest jobs report,
total U.S. employment stood at almost
130.5 million in June, which means the
cumulative Obama jobs deficit-the
difference between the end target and
the current employment level-
stands at almost 7.4 million
http://blog.heritage.org/2010/07/14/oh-no-you-didnt/
Exposing
The Enemies
Of Free Enterprise
http://thefreeenterpriser.blogspot.com/
