Cap and Trade Fails...Again
Overlooked amid the 'fiscal cliff' fiasco, cap and trade is failing miserably in California. The California Resources Board projected that the cap and trade credits would sell at auction for upwards of $1 billion, helping ease the state's financial woes and give the Governor money for pet projects that will "help the environment."
Needless to say, the liberal environmentalists are going to be disappointed. Following the first energy credit auction last month, the legislative analyst's office now projects that if the next two auctions put up similar numbers, the state of California will bring in $140 million.
If so that would mean that California is 86% short of reaching their goal, and 100% short of creating good policy.
You all voted to put rejecting cap and trade in the Contract because you know that costly environmental regulations cost jobs and increase prices. In fact, in California alone it has been projected that over 260,000 jobs could be lost this year due to new environmental regulations.
Cap and trade doesn't work and these numbers prove it. Liberal politicians will continue to force this legislation in Washington D.C. too, despite the historic failure of the system.
Einstein once said that insanity is doing the same thing over and over again, expecting different results. This is the history of cap and trade in a nutshell. Make a donation to the Contract From America today, and let's hold ALL politicians accountable to the conservative and common sense principles within it!
Best Wishes, Contract From America Team
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