Germany and Italy backing off carbon reduction commitments. The impact on their economy was just too massive. Meanwhile, Chairman O is committed to imposing massive burdens on American industry in the endless left-wing pursuit to make the outdoors as clean as a surgical theater.
The way cap and trade works is this. Businesses shut down factories in the countries that have crushing environmental laws and relocate them to countries that don’t have any laws at all, or at least none that can’t be overcome with a payoff to the right bureaucrat. The result is a decline in the standard of living for all those workers who lose their jobs, and a net increase in global pollution.
Leftist policy at its finest.
Also, Sweden recently cut its corporate tax rate. At 28%, it is now lower than the American corporate tax rate, which Chairman O wants to increase from 35% to 45%, and increase the capital gains tax. He thinks he can do this because Clinton did it and the economy managed just fine. Is there another tech-bubble on the horizon that nobody but The O knows about?
The Democrat scheme is to heavily tax successful enterprises in order to bailout ones that are mismanaged and declining. But what happens when there are no longer enough successful enterprises to bear the burden? How long can the Democrats borrow money from the Chinese, who are starting to have financial problems of their own? How long can the Democrats simply print trillions of dollars before we set off inflation, if not on a Zimbabwe or Weimar scale, then at least at a Jimmy Carter or Hugo Chavez level?