President Obama's climate plan could cost industry close to $2 trillion, nearly three times the White House's initial estimate of the so-called "cap-and-trade" legislation, according to Senate staffers who were briefed by the White House. …
“…Remember that these are just the costs for the first 8 years of a 40 year program that gets much more expensive over time. This is the final knock-out blow for a wobbly U.S. economy, and the more people learn the facts the more strongly they'll oppose it.”
… The estimated impact on disposable household income due to rising energy prices would then reach anywhere between $4,022 and $6,752. And because an energy tax is regressive, it will fall heaviest on poor and lower middle class folks who spend more of their income on energy.
“Under my plan of a cap and trade system, electricity rates would necessarily skyrocket... whatever the industry was, uh, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers.”