The left-leaning, self-proclaimed “fact checker” PolitiFact ignored the most basic economic law, the law of supply and demand, in claiming that cap-and-trade legislation, which is designed to limit energy consumption and increase the price of energy from non-renewable sources, could actually result in “an average lower cost for consumers.” Even the supporters of such legislation, such as President Obama, have admitted that such legislation increases energy costs to consumers. In a January 17, 2008, interview with the San Francisco Chronicle, Obama said that “electricity rates would necessarily skyrocket” under his cap-and-trade plan to fight global warming. Similarly, a CBS analyst pointed out that a Treasury Department analysis estimated the cost of the Obama administration’s cap-and-trade plan at $1,761 per year for the average American household.After faulting PolitiFact for its understanding of economics, Bader gives something of a roll call for PolitiFact's most notable critics on the right, including this blog.
Our heartfelt thanks for Bader for the plug. Please visit openmarket.org to read the rest of Bader's piece and visit some of the many worthy PolitiFact critiques Bader links.