Study Slams Economic Impact of Climate Bill
Washington, DC, Aug. 12, 2009—The National Association of Manufacturers and the American Council for Capital Formation released a comprehensive study on the impact of The American Clean Energy and Security Act of 2009, also known as the Waxman-Markey Bill.
It calls the bill "anti-jobs, anti-growth."
The bill aims to reduce greenhouse gas emissions and to cap the amount of carbon that is emitted by U.S. industry.
It accomplishes this by mandating a cap and trade program and other provisions governing fuel choices available to businesses and consumers.
The bill passed the House of Representatives 219-212 earlier this summer. The Senate is expected to release its version of climate legislation in September.
The study, which was commissioned by the NAM and ACCF and conducted by Science Applications International Corporation using NAM and ACCF input assumptions, assesses the impact of the Waxman-Markey Bill on manufacturing, jobs, energy prices and the overall economy.
The NAM and ACCF released national data as well as the analysis for 15 industrial states that would be impacted greatly if this or similar legislation is signed into law. The full report, including the data covering the remaining 35 states will be released in the coming weeks.
Jay Timmons, executive vice president of the NAM said, “Climate change is a very complex issue and I hope Senators will look closely at this study as they consider climate change legislation this fall. At a time when our country is struggling to come out of our longest and deepest economic downturn since the Great Depression, lawmakers should be focused on policies that provide incentives for businesses so they can create jobs and grow. Unfortunately, this study confirms that the Waxman-Markey Bill is an ‘anti-jobs, anti-growth’ piece of legislation. Further, leaders of countries such as China and India have made it clear they have no intention of reducing their own emissions. Waxman-Markey would give an edge to overseas competitors, discouraging domestic investment and the creation of American jobs.”
Other conclusions of the study include:
* Cumulative Loss in GDP up to $3.1 trillion (2012-2030)
* Employment losses up to 2.4 million jobs in 2030
* Residential electricity price increases up to 50 percent by 2030
* Gasoline price increases (per gallon) up 26 percent by 2030
The study also shows that industrial states would be disproportionately impacted by high energy prices, loss of jobs and income.
For additional information or to schedule and interview, please contact Laura Narvaiz for the NAM at (202) 637- 3104 or lnarvaiz@nam.org, or Mike Burita for ACCF at (202) 420-9361 or MBurita@accf.org.