But there are always winners and losers and, under the proposed policy, no one would win quite so much as China.
By adding a new energy tax, the bill will increase China’s manufacturing advantage, but worse, provisions of the act will actually subsidize Chinese energy by allowing for the direct transfer of hundreds of billions of dollars to China and other developing nations.
And:
Add it up, and the American Clean Energy and Security Act would result in nearly $1 trillion in wealth transfer by 2050 to China and the developing nations.
Unfortunately, the U.S. would get nothing in return for its money, not even a promise of similar emissions cuts. I recently traveled to China with a delegation led by House Speaker Nancy Pelosi (D-Calif.). There, I got lip service from Chinese officials, but it was clear that China would not commit to emission cuts, let alone to cuts similar to those being sought by congressional Democrats and President Obama. In fact, China is making the ridiculous demand that the U.S. cut emissions 40 percent below 1990 levels by 2020.
I was wondering how the Obama Adminstration convinced China to buy our bonds.
H/t Breitbart.
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