Last week, Roll Call reported that President Obama pushed Cap-and-Trade at his so-called “Jobs Summit” as a way to create “green jobs” to lower the staggering unemployment. His plan is to increase the costs of producing carbon to the point that “green” technologies are cheaper by comparison. Notice I wrote, “by comparison” it would not actually be cheaper to switch to “green” technologies it would just be cheaper than continuing to use fossil fuels after the government jacks up the taxes and regulations.
This plan will destroy efficient jobs by increasing energy costs, forcing businesses, and even entire industries to close their doors. Some companies will shift to “green” technologies and other “green” companies will spring up, however, this plan does not make them any more viable in the market place. As a result, the government will pay billion in subsidies just to keep these businesses alive.
How does destroying efficient jobs and replacing them with inefficient, subsidized jobs create more net jobs and help the economy? Click here for our one-page summery to find out (Spoiler: It doesn’t).