More on Cap and Trade

In a January 2008 interview with the San Francisco Chronicle, Obama said: "Under my plan of a cap and trade system, electricity rates would necessarily skyrocket." Necessarily? He added that "whatever the plants were, whatever the industry was, uh, they would have to retrofit their operations. That will cost money. They will pass that cost on to consumers."

The carbon tax will also violate Obama's pledge not to increase taxes for 95% of Americans. By hiding it in the costs of what companies produce, government gets the revenue while the blame for ever-rising prices will be put on greedy corporate America. The tax will also eat up the $400 "Making Work Pay" tax credit that Obama has promised American workers.

Coal provides half the nation's electricity. But Obama told the Chronicle that "if somebody wants to build a coal plant, they can — it's just that it will bankrupt them, because they are going to be charged a huge sum for all that greenhouse gas that's being emitted."