Thank God for 26 reasonable Democratic Senators. But for them, we would have the biggest tax increase in the history of the world. The Al tax, named for the obese one, Al Gore. The man who is trying to eat the Rain Forrest.
These 26 Democrats joined the 41 Republicans to insure passing this disaster would require a vote of 60 to approve. Harry Reid can’t ram the Cap and Tax bill through the senate. Sorry, Al, your dream to put the screws to American Manufacturing, the coal producing states and the blue collar and union worker isn’t going to happen real soon. But, there’s always the possibility the administration could put in some marginally legal regulation that would do the same thing.
So, two down and one to go. These moderate Democrats seem to want to be reelected. They deep sixed the Card Check program and now the Cap and Tax. Health Care is next on the docket.
Maybe the stock market is really responding to these economic clouds being blown away for the present. If both had passed it would have been difficult for the economy to handle these changes. To be truthful, I felt both would pass since the President was on record saying the wanted them passed.
Cap and Tax would have cost every American hundreds of dollars a year. It would have stopped most efforts to build new power generation plants. It would have driven another nail in the coffin of the shopping center developer who has empty space now and can’t pay the mortgage. The same with the office developer. Empty space and a tax on emissions would be a double whammy. It would have encouraged manufacturing to move out of this country. The only happy people would be the Al Gore Cultists.
Good news has been scarce of late. This is definitely good news. Unless the Rahm-Man can find an underhanded way to make this happen without the approval of the Senate, it won’t happen soon. Averting this is the best thing that has happened to the economy in a long, long time.
