Biden’s 10-Year Climate Plan – which the Administration is pursuing without the approval of Congress – will tax American companies and citizens. We expect: more bogus carbon offsetting programs across all industries (including Technology), higher consumer energy prices and job losses for Americans. This centralized government power grab is also sure to create enormous fraud – in itself a tax – that will dwarf Solyndra by many multiples.
The near future may look like this: You are CEO of a Software company. Did you fail to meet the carbon threshold set by the EPA for your industry and a company of your size? Not to worry. Cut the EPA a check for the difference or plant a garden in Los Angeles, or purchase carbon credits from a seller on the carbon exchange operated by Jeff Sprecher which is in part subsidized by the Biden Administration (i.e. the American Taxpayer). Green companies such as Tesla (which is not truly green as approximately 25% of electricity is generated from coal) will continue to sell credits to offending Automobile OEMs (those which are not yet producing EVs). Companies such as IHS Markit/SPGI will help companies report on their energy emissions. Perhaps SS&C can get in on the corporate reporting game to the extent the SEC begins to collect emissions data from all public companies. This Climate Plan is sure to act as a wet blanket on Real GDP growth – another reason why we forecast U.S. Long-Term Real GDP growth at zero percent.
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