OPINION:
Speaker of the House Nancy Pelosi recently stated that financial reform legislation will be fully paid for, with Wall Street footing the bill. It is truly amazing and unfortunate that our legislators believe we are not smart enough to understand who really pays for new legislation - whether financial reform, health care reform or new energy proposals such as “cap-and-trade” to reduce greenhouse-gas emissions.
The truth is that the real buck stops at we, the people. Wall Street doesn’t pay. Any additional costs imposed on Wall Street will be passed on in one form or another to we, the people. Costs associated with new energy legislation that requires the use of more renewable energy or reduced emissions of greenhouse gases will not be paid by electric utilities. Those costs will be paid by users of electricity.
The oil spill in the Gulf is, no doubt, an unfortunate disaster. But the costs associated with that spill similarly will not be paid by BP. Sure, BP agreed to put $20 billion into a trust fund, but guess where that money comes from? You guessed it: we, the people - BP shareholders, employees and retirees and users of petroleum products.
On the subject of who pays, companies do not pay taxes. Sure, taxes are imposed on companies at the federal, state and local levels. But those taxes are an operating expense and passed on in the form of higher prices on products to the consumer.
Please tell your federal representatives that we, the people, know who pays - and we cannot afford any more of their largesse.
MICHAEL LOBUE
Lynch Station, Va.
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