|Looming Disaster: The Lieberman-Warner Cap-and-Trade Climate Control Bill|
Climate Change Report
May 28, 2008
As pointed out at Powerline, "The idea that American voters can change the
Earth's climate is folly. The danger that voters could choose to cripple our
economy is, however, very real."
"Very real," indeed. The National Association of Manufacturers (NAM) and the
American Council for Capital Formation (ACCF) have unveiled a jointly
commissioned study assessing the potential national and state economic impacts
resulting from proposed climate change legislation, America's Climate Security
Act of 2007 (S. 2191), authored by U.S. Senators Joseph Lieberman and John
Warner. What is "unveiled" is an upcoming economic disaster for America, should
the legislation pass. S. 2191 aims to reduce total U. S. greenhouse gas
emissions with the goal of lowering emissions 63 percent below their 2005 levels
by the year 2050. These reductions would be achieved through a system that would
call for companies to cap their emissions, and then to have them trade emissions
rights with each other:
Conducted by Science Applications International Corporation (SAIC) using
assumptions provided by ACCF and NAM, the study unveiled today examines the
implications of the legislation with respect to Gross Domestic Product and
Gross State Product, future energy costs, economic growth, employment,
production, household income, the impact on low income earners and other
measurements. The study includes a comprehensive national economic assessment,
as well as separate and specific overviews of the impacts the legislation
could have on all 50 U.S. states.
The conclusions of the reports indicate that the legislation, if passed into
law, would have a profound economic impact on U.S. businesses, consumers and
governments nationally and in all 50 states. A sampling of the national
Gross Domestic Product (GDP) losses of $151 billion to $210 billion in 2020
and $631 billion to $669 billion per year in 2030.
Employment losses of 1.2 million to 1.8 million jobs in 2020 and 3 million
to 4 million jobs in 2030.
Household income losses of $739 to $2,927 per year in 2020 and $4,022 to
$6,752 per year in 2030.
Electricity price increases of 28% to 33% by 2020 and 101% to 129% by 2030.
Gasoline price increases (per gallon) of 20% to 69% by 2020 and 77% to 145% by 2030.
For a copy of the comprehensive national and 50-state reports, visit
www.accf.org or www.nam.org/climatechangereport.