B.O.H.I.C.A.

30Sep09
As if Waxman-Markey wasn't bad enough.

The Senate Environment and Public Works Committee is today expected to unveil Boxer-Kerry, the senate's version of the house cap and trade bill passed in June. The senate bill goes farther than the house bill mandating a 20 percent reduction in carbon emissions from 2005 levels by 2020, compared to Waxman-Markeys 17 percent, and a massive 83 percent reduction by 2050.

While Boxer-Kerry imposes emissions restrictions, draft 1 of the bill does not specify how carbon allowances will be distributed among industry, leaving special interests to make their mark on the bill. Draft 2 contains fewer placeholders, instead ceding control of allowance allocation to the EPA, whose authority to regulate greenhouse gases using the Clean Air Act is unlimited under Boxer-Kerry.

The "trade" portion of this cap and trade bill creates a new internationally traded commodity in the form of the carbon offset, but because we know liberals hate for anyone but them to make money, the senate bill includes measures to discourage "speculation" in the market; i.e. profitable trading of the commodity.

The provision known as a "carbon collar" puts a portion of the carbon emissions allowances under control of a government fund, allowing regulators to manipulate the carbon offset market and limiting the amount a corporation would have to pay for every ton of carbon it emits to $28 dollars. After all, they only want to gouge industry and consumers a little.

The measure ensures any money to be made from carbon offsets will mostly go to "producers" and expands the trade market for domestically available carbon offsets by 40 percent over the house bill. Because if you're going to redistribute wealth, best to keep it where your voters are. Farm groups are lobbying for the rights to much of the offset "production".

Boxer-Kerry is everything you hated about Waxman-Markey, only more so. I'm guessing the American family won't get off as cheaply as the $1700+ a year in new expenses under the house bill. The Institute for Energy Research has a more in depth analysis if you haven't had enough bad news already.

Contact your senator and tell them to Kill this legislation, before it kills our economy, and the republic with it.