The Waxman-Markey Global Warming Tax would have a devastating effect on our economy. But don’t just take our word for it. This week we’ll be sharing the opinions of other organizations who agree that Waxman-Markey will cause massive unemployment and drive energy prices up for all Americans.

Today: Myron Ebell, Director of Energy and Global Warming Policy at the Competitive Enterprise Institute.

The House Energy and Commerce Committee has voted to send to the House floor probably the most destructive bill ever passed out of a congressional committee. The Waxman-Markey energy-rationing bill, if enacted, will be the biggest tax increase in the history of the world. It will take trillions of dollars from consumers while making massive payoffs to the big business special interests that support the bill. By raising energy prices through the roof, it will destroy millions of jobs and create perpetual economic stagnation.

The Committee’s Democratic majority voted down numerous amendments that would limit the economic damage. They voted to continue energy rationing even if gasoline prices go above five dollars a gallon or electricity prices double or unemployment exceeds fifteen percent. They voted against provisions to restrict speculators manipulating the market in rationing coupons and against suspending the scheme if China and India refuse to agree to undertake their own energy-rationing policies.

The Waxman-Markey energy-rationing bill poses a huge threat to American prosperity and freedom. It would impoverish Americans and turn America into a third-rate economy.