Counting the cost of the Waxman-Markey energy tax

Update from the Heritage Foundation.

What happened:

The Waxman Markey Cap and Trade bill passed by a narrow margin tonight, 219 to 212 with 8 Republicans supporting and 44 Democrats voting against, hardly overwhelming support.

What it means:

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.

The eight Republicans who voted for it. (From Green Hell)

ECM sent me the findings of two more studies from The Beacon Hill Institute, at Suffolk University in Boston. The studies were linked by the American Spectator.


“Contrary to the claims made in these studies, we found that the green job initiatives reviewed in each actually causes greater harm than good to the American economy and will cause growth to slow,” reported Paul Bachman, Director of Research at the Beacon Hill Institute, one of the report’s authors….


If the United States were to cut emissions alone, with no cutbacks (relative to trend) by other countries, it would bear the full cost of abatement (PV = $3.85 trillion) while reaping only about $0.27 trillion in benefits. This represents a net cost, relative to doing nothing, of $3.42 trillion. It would cost the United States $154 billion by 2020 and $1.318 trillion by 2050.

Green Hell linked to a must-see video of Rep. John Boehner filibustering the bill in the House. No one has even read the 1200-page bill, or the 300-page amendment.

Gateway Pundit has a video of  Rep. Paul Broun trying to tell the House that global warming is junk science:

Gateway Pundit has a video of Rep. Tom Price requesting a moment of silence to recognize the 2 million plus who will lose their jobs for the sake of junk science and inflated egos.

The Western Experience talks about the experiences of other countries who have tried to enact similar laws.

What is totally sad in the bill’s passing is, like socialism, it has been a total failure wherever it has been tried. Across Europe and even down to Australia, this nonsense has been scrapped. The economist in Spain blamed their own version of a climate change bill on their tragically high unemployment rate of 18 percent. The government reports that for every “green job” created equaled two losses in other private sector jobs. Energy prices have skyrocketed and businesses find it too expensive to produce. Therefore, they pass on the costs by cutting back production, which are driving prices higher, and laying off employees, which are driving unemployment numbers higher. Sounds like a recipe for contraction.

Why can’t we learn from the mistakes of other countries?

Hot Air says that the bill will almost certainly die in the Senate.

Further study

Recently, I posted about the economic effects of the Waxman-Markey cap-and-trade bill, including how it would impact individual families. I wrote about the true effects of Obama’s green jobs initiative, which will actually decrease employment instead of increasing it.

I also posted before about scientific dissent from global warming, the alleged melting polar ice caps, Obama’s planned tax hikes on oil and gas, deceptive alarmism to procure research funding, the alleged warming of the oceans, and the use of made-up crises in order to impose socialism. You can also read the testimony of a Princeton University physicist who is against global warming alarmism.

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