Do you want to pay more for less energy?
When they return from their August vacations, Senators will debate the Waxman-Markey cap-and-trade legislation, which is intended to curb global warming. As lawmakers debate the proposal, which already passed the House, Heritage Foundation experts are once again reminding Americans of the significant economic losses the nation faces should the plan become law.
A new study released by Heritage's Center for Data Analysis directly challenges government analyses and exposes the devastating effects cap-and-trade would have on individual families, the job market and the nation's finances.
Former Alaska Gov. Sarah Palin quoted at length from this Heritage report on her Facebook page. Add your comments and join the conversation here.
The recession has left millions of Americans facing unemployment, pay and benefit cuts, and salary freezes. According to Heritage's careful projections, by 2035 the Left's global warming plan will only increase the economic pain.
Paying More at the Pump. Gasoline prices will rise 58 percent (or $1.38) above their natural increase. Americans will also pay 55 percent more for natural gas, 56 percent more for heating oil and a whopping 90 percent more for electricity.
Hurting Families. Annual energy costs for a family of four will grow by $1,241 -- $4,609 including taxes -- forcing families to reduce consumption of goods and services by $3,000 each year as incomes and savings fall.
Creating a Poorer America. By 2035, America will be $9.4 trillion poorer with cap-and-trade than without it. On top of that, the national debt will increase by $12,803 per person.
Stifling Job Creation. In addition to establishing a framework for a less prosperous country, cap-and-trade will stifle opportunity and hurt an already-struggling job market. The supposed "green jobs" the Left claims Waxman-Markey creates pale in comparison to the nearly 2.5 million jobs it destroys.
So what do we get for all this? Not much: "no more than .2 degree (Celsius) moderation in world temperature increases by 2100 and no more than a .05 degree reduction by 2050," writes Heritage energy expert David Kreutzer.
Heritage experts have a better idea. Lawmakers should grant "access to all energy sources, including domestic oil production, nuclear energy, coal, and new renewable fuels. Instead of new taxes, the President should aim to lower gas and electricity prices. When government impediments are lifted, America's energy entrepreneurs can develop innovative and market-driven solutions to our energy needs."
h/t Amanda Reinecker from The Heritage Foundation