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Portfolio > Economy & Markets > Economic Trends

Low energy ideas

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“You never want a serious crisis to go to waste.” So said Rahm Emanuel, the President’s chief-of-staff, and boy did he mean it. Energy reform is the latest mountain the administration and Congress is attempting to move. No matter that they’ll sacrifice the largest demographic in human history in order to do so.

“It looks as if the Democrats will have to destroy the discipline of economics to get it done,” the Wall Street Journal notes of the latest cap and trade push. “[The] bill will impose crushing costs on businesses and consumers. The leadership’s solution to this problem is to simply claim the bill defies the laws of economics.”

A deconstruction of the cap and trade argument can be found here. But with so little time for boomers to re-accumulate assets before retirement, is now really the best time to be saddling the economy with additional tax, thereby slowing its recovery? Any piece of legislation is subject to CBO analysis of the benefits and costs. Their conclusions are questionable at best, and the tortured methodology they employed suggests a predetermined outcome in need of support material, however skewed. Ironically, baby boomers overwhelmingly supported and voted for Obama, the man I believe (in all seriousness) will ultimately be most responsible for their inability to make it back.


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