Buried In The Budget: An $846 Billion Footnote

It was easy to overlook the fine print on the third footnote of table S-2, on page 148, in the Summary Tables section of President Obama’s 2011 budget. 

A comprehensive market-based climate change policy will be deficit neutral because proceeds from emissions allowances will be used … for investments to reduce greenhouse gas emissions, including support of clean energy technologies, and in adapting to the impacts of climate change, both domestically and in developing countries.

So if you didn’t make it all the way to this section of the budget (we won’t blame you), you might be surprised to learn what this small little footnote means: a $846 billion tax increase, also known as President Obama’s “cap-and-trade” national energy tax.  And on top of this, add the $2 trillion other taxes over the next ten years spread throughout the budget and you have whopping $2.8 trillion in new taxes.

That means that during a time of record high unemployment and exploding deficits the Obama administration is endorsing a $846 billion national energy tax that could kill nearly 1 million jobs per year, and claims that it deserves of nothing more than a mere footnote more than three quarters of the way into their FY 2011 budget. 

Sorry, Mr. President, we read footnotes.

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