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Kerry-Lieberman Climate Bill Would Destroy Millions of Jobs, Cost Familes Thousands
Pajamas Media ^ | July 3, 2010 | Andrew Chamberlain

Posted on 07/03/2010 10:34:40 AM PDT by jazusamo

A new study shows that the so-called American Power Act would cost the economy 5.1 million jobs and an average of more than $1,000 in extra energy costs per family.

President Obama has repeatedly told Americans he has three main policy priorities — rewriting health care, overhauling the financial system, and imposing a cap-and-trade system to reduce greenhouse gas emissions. He met his first goal and he’s closer than ever on the second; time is running out if he wants to meet the trifecta by the end of 2010. But make no mistake, the president and his allies in Congress are working hard to pass cap-and-trade before this year is up. The problem is that cap-and-trade bills are expensive, they inevitably cost jobs, and the American people know it.

Last year, the House passed the Waxman-Markey cap-and-trade bill. But now that 1400+ page bill is stalled in the Senate in large part because of its massive costs to Americans. To jump start the debate, Senators Kerry and Lieberman recently announced a new strategy to impose a cap-and-trade system on Americans — the inaptly named “American Power Act.” Senator Kerry no longer calls his various proposals “cap-and-trade,” but changing a bill’s name to disguise its intentions is a time-honored ruse in Washington.

To examine the economic impact of this plan, we performed an economic and distributional analysis of the cap-and-trade portion of the proposal. The following are some of the study’s key findings:

It is important to note that these impacts are only from the cap-and-trade portions of the bill. Like Waxman-Markey, Kerry-Lieberman includes hundreds of pages of non-cap-and-trade regulations which will increase the cost of energy and the cost of using energy, while at the same time introducing government micromanagement of many areas of our daily lives, from the choices we can make when purchasing products, to the type of house we live in and ultimately, to the way the government allows us to make our livings. It is a transformational and comprehensive set of mandates designed and marketed as nothing less than a plan to change the way Americans live.

Contrary to its representation, basic economics shows the American Power Act is regressive and will disproportionately impact low-income households.

Instead of distributing revenue directly to American households, the legislation filters the money through regulated utilities. If the goal were to compensate people for higher energy prices, it would make the most sense to send the money directly to people, rather than passing through electricity and natural gas companies. But to secure political support for the bill, Senators Kerry and Lieberman instead would funnel revenue through utilities. This way, utilities — and ultimately their upper-income shareholders — will be able to siphon off some of the benefits, rather than passing them on to consumers.

The numbers speak for themselves. According to the EPA’s own estimates of GDP reductions, the bill would shrink the U.S. economy by $39 billion by 2015 and up to $384 billion by 2050. Some lawmakers say that’s a good deal for climate policy. But with unemployment hovering near 10 percent and the economy pulling out of recession, is today a good time to impose higher energy costs on American families?



TOPICS: Business/Economy; Government
KEYWORDS: americanpoweract; capandtrade; democrats; kerrylieberman
If passed this will be nothing less than legalized theft from the American people.
1 posted on 07/03/2010 10:34:44 AM PDT by jazusamo
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To: jazusamo; grey_whiskers; proud_yank; Horusra; Thunder90; Dr. Bogus Pachysandra; Entrepreneur; ...
 


Beam me to Planet Gore !

2 posted on 07/03/2010 10:49:46 AM PDT by steelyourfaith ("Release the Second Chakra !!!!!!!" ... Al Gore, 10/24/06)
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To: jazusamo

In a depression they are considering this. Criminal indeed.


3 posted on 07/03/2010 10:50:10 AM PDT by Mere Survival (The time to fight was yesterday, but now will have to do.)
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To: Mere Survival

“In a depression they are considering this. Criminal indeed.”

They could care less.


4 posted on 07/03/2010 10:58:58 AM PDT by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
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To: jazusamo

Our overlords don’t care about our concerns. After all, they’re smarter than we are and they know what’s best for us.(sarcasm).


5 posted on 07/03/2010 11:01:15 AM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: jazusamo

“Instead of distributing revenue directly to American households, the legislation filters the money through regulated utilities. If the goal were to compensate people for higher energy prices, it would make the most sense to send the money directly to people, rather than passing through electricity and natural gas companies.”

Just as with income tax the Government can and will change any deduction or incentive over time. Why would we want to give the government that much power.


6 posted on 07/03/2010 11:15:04 AM PDT by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
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