Obama on cap and trade: 'electricity rates would necessarily skyrocket'

Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.” — Barack Obama, January 17, 2008, San Francisco Chronicle

Watch Obama say that under his cap and trade plan electricity rates will skyrocket:

During the same interview Obama also admitted that his cap and trade plan would bankrupt anyone who builds a coal-powered plant.

Obama was honest about cap and trade during the campaign.