"Fact Checker" Repeals The Laws Of Supply And Demand: The Bias Of PolitiFactby HANS BADER
Sep. 03, 2012
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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.