It should come as no surprise to anyone not living under a rock or spending the majority of their time at the bottom of the gulf, that the left and the right have dramatically different takes on what this bill means for Americans.
As one might suspect from the fact that the charge is being led by a liberal democrat (John Kerry) and an independent (Joe Lieberman) the left would be the side promoting the 'endless' benefits of the bill. While the right on the other hand does not seem to see any benefits. Its all down from their point of view, or left as the case may be. If you are far enough right everything is left...
The left; "Recent events are a reminder of the urgency to act. The BP oil disaster is a signal flare warning us that we must reduce our oil use via investments in more efficient, cleaner energy technologies. The Kerry-Lieberman American Power Act jump-starts efforts to adopt comprehensive clean energy and climate polices that would cut oil use, increase security, reduce pollution, and create jobs."
The right; "President Obama recently used the Gulf oil spill to stress the need for Congress to pass cap and trade, specifically the bill introduced by Senators John Kerry (D–MA) and Joe Lieberman (I–CT) after much delay. The 987-page American Power Act (APA) aims to reduce 2005 levels of carbon dioxide (CO2) emissions by 80 percent by 2050, the same target that the House version passed last year.
Despite promises of consumer protection, however, the economic effects are the same. APA aims to increase energy prices, which would kill jobs and protect large corporations at the expense of the consumer—all for a minimal effect on the earth’s temperature."
The left says it will stimulate the economy; "The bill would boost employment by generating investments in the clean energy technologies of the future (Title I, Subtitle D). This means more jobs installing energy efficient windows, adding insulation, or manufacturing wind turbine parts. The bill would provide people with “Clean Energy Career Development” to prepare them to build and service these new technologies (Title IV, Subtitle B, Part I)."
The right says it will destroy it; " Cap and trade has macroeconomic effects that would do economic harm that no rebate check would cover. Higher prices lower consumer demand, and the lower demand prevents higher prices from completely offsetting production cost increases. As a result, businesses must make production cuts and reduce labor. The Congressional Budget Office recently affirmed that job losses from a slower economy would outweigh those created by clean energy investments: "Job losses in the industries that shrink would lower employment more than job gains in other industries would increase employment, thereby raising the overall unemployment rate." "
The left says it will help with the environment; "The bill would cut global warming pollution by 17 percent below 2005 levels by 2020, and by 83 percent by 2050 (Title II, Subtitle A, Part A). This would dramatically reduce the likelihood of serious harms linked to global warming."
The right says no one cares; "Senator Kerry, after acknowledging that the bill is not perfect, said that “our planet cannot wait” to address climate change. The American public, however, can wait. Several recent polls have shown that reducing greenhouse gas emissions is a far lower priority than economic growth."
The left says: Center for American Progress
The right says: The Heritage Foundation
You say? - The leaked draft of the legislation 5/11/10.
