At last, someone in the Democrat controlled Congress admitted that the CAP and TRADE is a tax increase on all Ammericans. It is a hidden tax increase to the tune of $2 trillion dollars that will affect every Americans.
Besides being a new tax burden for the American tax payers to shoulder, this new tax scheme is a sure job killer. Why? Companies will see their operating costs dramatically increase and some will move their operations to other places that do not have a carbon tax scheme like India and China. Do you think the outsourcing trend was bad for American jobs? Wait until the cap and trade takes a bite at the profits of these companies.
As pointed out by this testimony during the congressional hearing on cap and trade, it will decrease the number of jobs available to Americans.