Cost of Waxman Markey Global Warming (BS) Legislation

bubba74 · #1 (**permalink**) 06-24-2009, 10:11 AM

Breaking Down the Costs of Waxman-Markey Global Warming Legislation » The Foundry

Quote:

The idea behind cap and trade is to reduce carbon dioxide emissions by putting a price on the right to emit carbon and other greenhouse gases on businesses. Because fossil fuels emit carbon dioxide, cap and trade becomes a costly tax on fossil fuels and the energy they generate. Since 85 percent of America’s energy needs come from fossil fuels, cap and trade would be massive tax on energy consumption if enacted. How high a tax?

The Heritage Foundation’s Center for Data Analysis found that by 2035 gasoline prices would increase 58 percent, natural gas prices would increase 55 percent, home heating oil would increase 56 percent, and worst of all, electricity prices would jump 90 percent.

But the direct tax on household energy use is just the beginning. The energy tax also hits producers. As the higher production costs ripple through the economy, the household pocketbooks get hit again and again. When all the tax impacts have been added up, the average per-family-of-four costs rise by $2,979 per year. In the year 2035 alone, the cost is $4,609. And the costs per family for the whole energy tax aggregated from 2012 to 2035 are $71,493.

Over the 2012-2030 timeline, job losses average over 1.1 million. By 2035, a projected 2.5 million jobs are lost below the baseline (without a cap and trade bill).
• The average Gross Domestic Product (GDP) lost is $393 billion, hitting a high of $662 billion in 2035. From 2012-2035, the accumulated GDP lost is $9.4 trillion.
• The negative economic impacts accumulate, and the national debt is no exception. The increase in family-of-four debt, solely because of Waxman-Markey, hits an almost unbelievable $114,915 by 2035.
• The average of the climate tax revenue, what the government gets to spend or give away, is $236 billion from 2012 through 2035 and adds up to $5.7 trillion in tax collections.

All of these costs accrue in the first 25 years of a 90-year program that, as calculated by climatologists, will lower temperatures by only hundredths of a degree in 2050 and no more than two-tenths of a degree at the end of the century.

The vote for this disaster will be on friday. Write your congress people now and tell them to defeat this mess (I already have) This is a program way too expensive for too little a result. This will kill the economy then we will go into a depression (which ?I am sure will be Bush's fault).