In his
weekly address on Saturday, President Obama saluted the House of Representatives for passing
Waxman-Markey, the gargantuan energy-rationing bill that would amount to the largest tax increase in the nation's history. It would do so by making virtually everything that depends on energy - which is virtually everything - more expensive.
The president doesn't describe the legislation in those terms now, but he made
no bones about it last year. In an interview with the
San Francisco Chronicle in January 2008, he calmly explained how cap-and-trade - the carbon-dioxide rationing scheme that is at the heart of Waxman-Markey - would work:
"Under my plan of a cap-and-trade system,
electricity rates would necessarily skyrocket . . . because I'm capping greenhouse gases, 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, and they will pass that [cost] on to consumers.''