As we've said before, capping emissions is capping economic growth. An analysis of Waxman-Markey by the Heritage Foundation projects that by 2035 it would reduce aggregate gross domestic product by $7.4 trillion. In an average year, 844,000 jobs would be destroyed, with peak years seeing unemployment rise by almost 2 million (see charts below).
Consumers would pay through the nose as electricity rates would necessarily skyrocket, as President Obama once put it, by 90% adjusted for inflation. Inflation-adjusted gasoline prices would rise 74%, residential natural gas prices by 55% and the average family's annual energy bill by $1,500.
Yup cap-and-trade has the potential to cripple the US economy while it doesn't do anything to stop the Red Chinese from building 2 coal power plants per week or the Indians from increasing their energy usage. I mean both countries will fight like mad against any world carbon emissions scheme because they know it will cut their growth in the trillions of dollars range. This bill will strait up have the ability to put us into a second Great Depression.
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