Obama: Bankrupt the Coal Industry
According to statements by the candidate, anyone wanting to build a coal plant would be bankrupted if his plan to deal with greenhouse gasses (GHGs) is implemented.
“I was the first to call for a 100 percent auction on the cap and trade system, which means that every unit of carbon or greenhouse gases emitted would be charged to the polluter,” Obama continued. “That will create a market in which whatever technologies are out there that are being presented, whatever power plants that are being built, that they would have to meet the rigors of that market and the ratcheted down caps that are being placed, imposed every year.
“So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.”
Must be great having a magic energy pony. And those costs wont be borne simply by the polluter either. I love the simpleton economics of Presidential Candidates. “Those guys are bad, so we’ll make them pay, not you the little people.” Nevermind that most businesses try to pass on as much costs to the consumer as they can. And taxes (per unit taxes) are borne by both the consumer and the producer.
Of course the Obama campaign is saying the comment was taken out of context (you can read the entire comment here). Thing is I’m not sure the “out of context” defense works. Obama doesn’t say, “If they try to build a coal plant with the old technology it will bankrupt them.” He says if they try to build a coal plant it will bankrupt them. Maybe he meant the former, only certain technologies will work with a coal plant, but that isn’t what he said.
And even if he did mean that and had said it, McCain’s robocall is still right. Increasing the costs for running a coal plant will reduce the number of coal plants and will reduce the demand for coal which in turn will mean less coal mining jobs. Pretty simple really, and a bit of a dumb move on Obama’s part since Pennsylvania is a state that McCain would love to move into his column.