Wednesday, May 13, 2009

The Economic Impact of Waxman–Markey

Heritage Foundation May 13,2009

A couple highlights from there analysis:
Analysis of the economic impact of Waxman-Markey projects that by 2035 the bill will:
* Reduce aggregate gross domestic product (GDP) by $7.4 trillion,
* Destroy 844,000 jobs on average, with peak years seeing unemployment rise by over 1,900,000 jobs,
* Raise electricity rates 90 percent after adjusting for inflation,
* Raise inflation-adjusted gasoline prices by 74 percent,
* Raise residential natural gas prices by 55 percent,
* Raise an average family's annual energy bill by $1,500, and
* Increase inflation-adjusted federal debt by 29 percent, or $33,400 additional federal debt per person, again after adjusting for inflation.

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