Hold onto your thermostat as well as your wallet! Annual utility bills may rise $1,800 under President Obama’s “cap and trade” energy tax plan. That wipes out his pledge of a $800 a year tax cut for 95% of Americans.
The White House admits low-balling the cost in Obama’s official budget, which claimed that his plan would add $646 billion to energy costs over 8 years.
The new price tag is three times as high, close to $2 trillion in 8 years, according to Jason Furman, deputy director of Obama’s National Economic Council. That’s $250-billion each year to be passed along to consumers, equivalent to adding an extra 50% to what the U.S. Department of Energy estimates we spend on energy each year.
A 50% increase on home utilities would average about $150 per month–$1,800 per year–since the average bill is $297 a month according to the White Fence Index. The White House claims it would offset this with an $800 per year household tax credit (and 42% of it would go to those who don’t even pay income taxes. Even with an $800 rebate, the net loss is $1,000 per family per year.
Obama claims it’s necessary to halt global warming even though the Earth is actually cooling. Americans are about to pay dearly for global warming hysteria. The planet may not be getting hotter, but people will be as they learn about this.
Details are found here at Human Events online.
