More bad news projected from Obama’s energy plans:
[The Heritage Foundation] found that Waxman-Markey would adversely affect farmers in a number of ways:
• Farm income (or the amount left over after paying all expenses) is expected to drop $8 billion in 2012, $25 billion in 2024, and over $50 billion in 2035. These are decreases of 28%, 60% and 94%, respectively.
• The average net income lost over the 2010-2035 timeline is $23 billion – a 57% decrease from the baseline.
• Construction costs of farm buildings will go up by 5.5 percent in 2025 and 10 percent by 2034 (from the baseline).
• By 2035, gasoline and diesel costs are expected to be 58 percent higher and electric rates 90 percent higher.
If farming costs go up like this, so does everything else. A few visuals to digest:
I come from a farming family in the Midwest. Many of my relatives still farm, and many others still live in farming communities. Even if it wasn’t my background, this would bother me. Right now, U.S. farmers feed much of the world, including right here at home. Under Obama’s plan, farming will become prohibitively expensive, and that will drastically affect food prices. In effect, Obama’s energy legislation is a tax increase on the entire country in the form of both energy and food prices.
If it passes, things will get ugly.
There’s my two cents.