Welcome to VoteFacts. In the past, Barack Obama told us that his "Cap and Trade" energy plan would necessarily raise costs for consumers. In the video shared here, he tells voters:
"Under my plan of a cap and trade system, electricity rates would necessarily skyrocket... Coal power plants, natural gas, you name it, whatever the plants were, whatever the industry was they would have to retrofit their operations, that will cost money, they will pass that money onto consumers."
(View the video in its entirety by dragging the start button backward)
We felt this was an opportunity to focus on some facts about one of the most fundamental issues in every home, that ever climbing electricity bill. Moreover, we want to look at who those high bills impact the most, the wealthy or the poor. To help you with that task, we are bringing you some Congressional Budget Office (CBO) data on this subject:
• Regardless of how the allowances were distributed, most of the cost of meeting a cap on C02 emissions would be borne by consumers, who would face persistently higher prices for products such as electricity and gasoline. Those price increases would be regressive in that poorer households would bear a larger burden relative to their income than wealthier households… Job losses in those industries would be likely to impose a fairly large burden on a relatively small number of households; investors’ losses, by contrast, would tend to impose a smaller burden on a much larger number of households. CBO, Page 1-2So, we've given you facts. Now, go ahead and give your feedback... Vote now!