Study Finds Waxman-Markey Reduces GDP by $350 Billion
PR Newswire | May 21, 2009 | National Black Chamber of Commerce
WASHINGTON, May 21 -- Today, in anticipation of Friday's House Energy and Commerce Committee vote on the Waxman-Markey legislation, the National Black Chamber of Commerce (NBCC) released a new study that determines the potential economic impacts of the federal cap-and-trade system outlined in the bill. Compiled by CRA International, the analysis determines that by 2030 the law would:
Reduce national GDP roughly $350 billion below the baseline level;
Cut net employment by 2.5 million jobs (even after accounting for new "green" jobs); and
Reduce earnings for the average U.S. worker by $390 per year.
"The inherent complexity of a government-regulated emissions trading system sets the stage for a perpetual struggle for political handouts. This makes Waxman-Markey a good way to promote corruption, but not energy efficiency."
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