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Final Nail in the Coffin - RIP US Economy

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H/T to the fine folks over at Q&O for finding this one.

The new Waxman/Markey Clean Energy legislation will will be the death of the US economy. It is being billed as:

The American Clean Energy and Security Act will create millions of new clean energy jobs, save consumers hundreds of billions of dollars in energy costs, enhance America's energy independence, and cut global warming pollution

In fact this bill will put the onus of emissions costs on the refiners for both the creation and the use of the petroleum products they produce. So they will be taxed not only for their emissions but those produced by cars, plastics manufacture etc.

By harshly taxing one of the few remaining vibrant area's of the economy it is clear that the unreality factor is at an all time high here. Or as McQ puts it, we will all be riding around in vehicles powered by Unicorn Methane any day now.

We are in a depressed economy. Increasing the tax burden on any aspect of that economy will only make the problems worse not better.