BuckeyeBlog

I’m sure you’ve noticed, but Obama has been getting some pretty bad press lately. From his bloated stimulus plan to his 60 Minutes appearance to his patently offensive Special Olympics comment on late night television.

But bad news for Barack – the press isn’t going to get any better, especially with his new cap and trade plan now on the table.

The plan entails selling permits to emit carbon, which businesses may pay for at the outset, but the cost of which will quickly be passed on to consumers.  What Ohioans need to take note of is how deeply unequal these costs will be distributed across regions and income groups.

Ohioans receive roughly 86% of their electricity from coal. Our neighbors Indiana (94%), Pennsylvania (56%), and West Virginia (98%) are in similar situations. This means we’ll get hit especially hard, and during a time when we’re already feeling the pain.

To put it in real terms, the Congressional Budget Office estimates that the average household in the bottom income quintile will spend $680 more every year to pay for Obama’s plan.

Tags: Cap-and-trade, Economic Freedom, Obama, Taxes

This entry was posted on Thursday, March 26th, 2009 at 3:15 pm and is filed under Economic Freedom. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.