Yesterday's Journal Op-Ed had a piece authored by James Baker and George Schultz. Both of these guys have been Secretary of the Treasury AND Secretary of State. So they have some experience. They may not have any common sense, but they have lots of experience. They claim that a $40 a ton carbon tax will clear our air and improve the economy. They propose the revenues from the carbon tax be paid out to all citizens rather than going to reduce the deficit and pay the government's bills. They think this payout will avoid the downturn that just socking everyone with a hefty tax hike will. They make it sound kinda sweet, mentioning a $2000 a year refund to the average family.
What they don't mention, is that everyone will have to hike their prices to pay their carbon tax. To put it in perspective, each time I fill my 275 gallon furnace oil tank, I'd get hit for $40 in carbon tax. Call it $200 a winter.
And surely, avoiding a $40 a ton carbon tax would be a strong incentive for business to expand overseas, or anywhere outside the US just to avoid the tax. That carbon tax will undo all the good work of frackers in getting the price of oil down.
And, they want to impose all this pain to reduce global warming. We haven't had any global warming that you could measure with a thermometer for the last 19 years, and they want to sock it to me for global warming? As I write this it is 14F outside with snow swirling in front of my windows.
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