California's Air Resources Board passed a cap and trade regulation for the state's top 600 industrial facilities that will almost certainly bring economic activity in the state to a near standstill.Of course, state bureaucrats claim that this job-killing law will actually "create new jobs" in "green energy." Whoopee! And if we eliminate bulldozers from clearing roads, we will "create new jobs" in shovel production.
Moran concludes with these salient points:
Cutting emissions by 15% in 8 years is economic suicide. There's no other way to say it. The federal cap and trade law was designed to cut a similar percentage of emissions but spread out over more than twice the time span. Many economists predicted a potential loss of GDP for the federal law of 3-5%. Can you imagine the devastation the California regulations will wreak on business?Read it all here.
It's like the California government is telling the people to pack up and leave, that there will be little opportunity in the former Golden State.
Brian Sussman on KSFO radio said that liberals are seeking to "de-develop" California with this law. "De-development" is the leftist notion that we must close industry in the industrialized world and move it to underdeveloped nations so they can "catch up" economically. The notion is as extreme as anything Marxism ever devised: that millions in the west must suffer severe economic destruction and impoverishment so that the Third World can improve. Basically, the de-development idea is born of the left's irrational hatred of economic activity and prosperity and their total ignorance of economics.