New study finds Waxman-Markey could cost 2.5 million U.S. jobs by 2030 and reduce earnings

WASHINGTON, May 21 /PRNewswire-USNewswire/ -- Today, in anticipation of Friday's House Energy and Commerce Committee vote on the Waxman-Markey legislation, the National Black Chamber of Commerce (NBCC) released a new study that determines the potential economic impacts of the federal cap-and-trade system outlined in the bill. Compiled by CRA International, the analysis determines that by 2030 the law would:

• reduce national GDP roughly $350 billion below the baseline level;
• cut net employment by 2.5 million jobs (even after accounting for new "green" jobs); and
• reduce earnings for the average U.S. worker by $390 per year.

NBCC President and CEO Harry Alford notes, "These findings add to a growing body of evidence that demonstrates cap-and-trade would make American consumers poorer and the products they buy more expensive.

"Moreover, the NBCC study finds there will be little, if any, environmental impact to justify the high price U.S. families will have to pay, since the trading system will deliver virtually negligible changes in global CO2 emissions so long as developing nations such as China and India don't buy in.

"The House cap-and-trade bill seems to profit special interests at the expense of small businesses and hard-working families. It's evident from the some 85 percent of emissions permits that politicians have already given away for free to favored industries that the 111th Congress is learning that producing laws (like making sausages) requires a lot of pork.

"The inherent complexity of a government-regulated emissions trading system sets the stage for a perpetual struggle for political handouts. This makes Waxman-Markey a good way to promote corruption, but not energy efficiency."

PR Newswire