Whether Cap and Trade will ever become law is still an unanswered question. In June 2009, I voted against Nancy Pelosi's version of Cap and Trade that passed the House. The Senate has yet to bring the legislation to the floor. It is a job killing bill is really a hidden tax. That's why Republicans prefer to call the legislation "Cap and Tax."
The legislation currently being considered will increase the cost of energy for the public. The idea of cap and trade is that the government sets a cap on the total amount of carbon that can be emitted nationally. Companies then buy or sell permits to emit carbon dioxide. Supposedly, over time the cap gets reduced to cut total carbon emissions.
In reality, the result of this cap and trade legislation will be to hike the price of electricity and gas so that Americans will use less. These higher prices will show up not just in higher electric bills for the average consumer; an increased cost-of-goods-sold will also show up in every manufactured good and service from cars to fast food chains.
While global warming is an issue that certainly needs to be addressed, it should be done in a measured and thoughtful manner that does not further weaken our economy by increasing costs on small businesses, hard-working families and seniors living on fixed incomes.
One only has to look to what other countries (after enacting a form of cap and trade legislation) are experiencing to get an idea of the future costs to consumers. Great Britain's Taxpayer Alliance estimates that the average family there is paying nearly $1,300 a year in green taxes for carbon-cutting programs in effect only a few years. This is not the kind of "change" Americans want nor can survive.