The Heritage Foundation has put out an analysis of the Waman-Markey cap and trade energy bill. The net result is that this is a national tax of historical proportions that will result in lower income, higher prices and fewer jobs while achieving only a slight moderation in world temperatures. Other fall out from the bill include:
* Gasoline prices will rise 58 percent (or $1.38) above the baseline forecast, which already contains price increases;
* Natural gas prices will rise 55 percent;
* Heating oil prices will rise 56 percent;
* Electricity prices will rise 90 percent;
* A family of four can expect to pay $1,241 more for energy costs per year;
* Including taxes, a family of four will pay $4,609 more per year;
* A family of four will reduce its consumption of goods and services by up to $3,000 per year, as its income and savings fall;
* Aggregate GDP losses will be $9.4 trillion;
* Job losses will be nearly 2.5 million; and
* The national debt will rise an additional $12,803 per person.
This is the type of feel good legislation that leads the country down the wrong path. It sounds great to say that we are saving the planet and promoting alternative sources of energy but what is really going to occur? Our inefficient use of resources is going to slow growth that would lead to more research and development. Is this the type of leadership that we expect from our representatives in Congress? I don’t think so.
