From Amanda Reinecker of The Heritage Foundation: A new study released by The Heritage Foundation’s Center for Data Analysis reveals the tremendous costs and energy price spikes that Texas residents will incur should Congress enact the Waxman-Markey climate change legislation.
“Inevitably the bill will affect each state differently,” explains Heritage’s energy and economic policy team. “Some states are more energy-intensive than others, and some rely a great deal on manufacturing to fuel their economies. Regardless, the costs in every state are significant.”
Waxman-Markey’s financial burden will eventually trickle down to individual families. Heritage experts predict annual energy costs for a family of four to grow by $1,241 — $4,609 if you include the new taxes — forcing families to reduce consumption of goods and services by $3,000 each year as incomes and savings fall. This forced cutback will hurt job growth and ultimately weaken the economy, leaving America approximately $9.4 trillion poorer by 2035.
And all of these costs will get us “no more than a 0.2 degree (Celsius) moderation in world temperature increases by 2100 and no more than a 0.05 degree reduction by 2050.” That’s certainly not much of an environmental benefit, especially considering the adverse impact the bill imposes on American families.
Posted by Milton Richards