|
FACTS TO HELP EDUCATE YOURSELF & OTHERS
The facts below will help you learn more about the importance of keeping America’s current and future fuel costs reasonable. Share them with your friends and family!
To fully understand how climate change legislation currently debated in Congress could impact American families requires politicians to make a host of assumptions about our:
- future economic growth
- energy use and efforts to offset carbon emissions
- employment
- regional and international circumstances
- growth of renewable energy and federal economic policy
No one has a crystal ball to predict with certainty what will happen in the future. As a result, projections vary depending on the assumptions made. However, most studies conclude the Waxman-Markey global warming bill would increase energy prices, destroy domestic jobs, and slow U.S. economic growth.
Some of these studies have found:
The independent Energy Information Administration at the Department of Energy released its report analyzing the Waxman-Markey bill in August. EIA concluded: “Ultimately, consumers will also see the impact of higher energy prices directly through final prices paid for energy-related goods and services and higher prices for other goods and services using energy as an input, and, if the cost increases cannot be passed on to consumers, labor and capital stock may be reallocated.”
Source: Energy Information Administration
http://www.eia.doe.gov/oiaf/servicerpt/hr2454/pdf/sroiaf(2009)05.pdf, page 39
“ACESA increases the cost of using energy, which reduces real economic output, reduces purchasing power, and lowers aggregate demand for goods and services. The result is that projected real gross domestic product (GDP) generally falls.”
Source: Energy Information Administration
http://www.eia.doe.gov/oiaf/servicerpt/hr2454/pdf/sroiaf(2009)05.pdf, page xiii
“Transportation costs, however, do increase significantly on a per-household basis since there are no provisions designed to dampen motor gasoline price impacts. ... As a result of the provisions in ACESA, the average household can expect increases in the cost of the energy they use to heat and cool their homes as well as the cost to operate their vehicles.”
Source: Energy Information Administration
http://www.eia.doe.gov/oiaf/servicerpt/hr2454/pdf/sroiaf(2009)05.pdf, page 32
An analysis of the Waxman-Markey legislation by the National Manufacturers Association
and the American Council for Capital Formation concluded:
A cumulative 18 year national productivity loss of $3.1 trillion in the U.S. Gross Domestic Product (GDP), from 2012 to 2030 because of fewer jobs and loss of industrial output Loss of 2.4 million jobs in 2030 Increase in residential electricity prices up to 50 percent by 2030 Increase in gasoline prices (per gallon) by up to 26 percent by 2030 Less household income each year, reaching a level of up to $1,248 in 2030
Source: National Manufacturers Association/ American Council for Capital Formation
http://www.accf.org/media/dynamic/3/media_381.pdf, pages 1-4
http://www.accf.org/media/dynamic/3/media_380.pdf
According to a study commissioned by the National Black Chamber of Commerce analyzing Waxman-Markey:
“To put the GDP losses in perspective, in 2008 the Federal government spent $612 billion on social security payments to retirees. Looked at another way, if GDP levels are reduced by $571 billion (projected 2030 GDP loss), Federal and State tax receipts will be approximately $170 billion lower since Federal and State governments take approximately 30 cents out of every dollar of GDP. Thus, government budgets will be harder to meet.
Source: National Manufacturers Association/ American Council for Capital Formation
http://www.accf.org/media/dynamic/3/media_381.pdf, page 3
By 2030, higher energy prices mean that low income families (average income of $18,500) will spend between 16 percent and 17 percent of their income on energy under Waxman Markey, than without the legislation. Others on fixed incomes, such as the elderly will suffer disproportionately.
Source: National Manufacturers Association/ American Council for Capital Formation http://www.accf.org/media/docs/nam/2009/National.pdf, page 2
In September, 2009, the U.S. will be in the 20th month of a recession which is the longest economic slowdown since the Great Depression. More than 6 million jobs have been lost, and the manufacturing sector has lost 1.8 million jobs during this time.
Source: “An ‘Anti-Energy’ Bill Is the Wrong Approach Today,” Jay Timmons, NAM, Roll Call Mission Ahead, 8/3/09
Even accounting for the creation of new “green jobs.” Waxman-Markey could cost 2.5 million U.S. jobs each year through 2030.
Source: National Black Chamber of Commerce/CRA International
http://www.nationalbcc.org/images/stories/documents/CRA_Waxman-Markey_ 5-20-09_v8.pdf
Britain’s Taxpayer Alliance estimates the average family there is paying nearly $1,300 a year in green taxes for carbon cutting programs in effect only a few years.”
Source: Wall Street Journal, June 25, 2009
http://online.wsj.com/article/SB124588837560750781.html
If U.S. emissions were whittled down to zero by 2100, global emissions would still be about 2.5 times their present levels.
Source: Belfer Center for Science and International Affairs, Harvard
http://belfercenter.ksg.harvard.edu/files/2007-12-12 Connaughton Presentation FINAL.pdf, slide #6
For addiitonal facts about global warming studies, click here
English Spanish
|
