Lost jobs, big hikes in your bills -- that's cap-and-trade

President Obama has repeatedly said he will not raise taxes on low- and middle-income families, yet his policies do not match his rhetoric. Take for instance, a new tax he has proposed on the use of energy. It's called cap-and-trade or, more appropriately, cap-and-tax. The tax would require energy producers and businesses to pay to emit carbon emissions in the hope of reducing greenhouse gases.

The Democrats need the revenue this will generate to pay for their expensive agenda. But getting it this way would be shortsighted because it will cost far more in the long run than it will bring in. While the president originally estimated that implementing this plan would cost $646 billion over eight years, his deputy director for the National Economic Council, Jason Furman, recently stated that it could cost up to three times that -- bringing the cost closer to $2 trillion.

Any way you look at it, it's low- and middle-income Americans who will pay dearly for this. Using an analysis by Peter Orszag, President Obama's budget director, the average American household could expect its yearly energy bill to increase by nearly $4,000 a year...

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image toon - grn engry = cap & trade stops recovery jet