Under Waxman-Markey, the economic pain would be severe, indeed. President Obama's own aides have admitted that it could cost hardworking Americans up to $2 trillion. The burden, moreover, would fall disproportionately on the poor, who spend a greater proportion of their income on energy - 26 percent compared to a median-income family that spends 4 percent of its earnings on energy. It would also affect the South and Midwest much more than the West Coast and Northeast. In fact, the effect would be a wealth transfer from the South and Midwest to the West Coast and Northeast. Overall, the bill would cost the average American family $1,500 in increased energy costs.
Those increased energy costs would hit businesses hard, resulting in an average loss of 1.1 million jobs a year. And that is after counting the effect of so-called "green jobs," which would largely be temporary and, according to a recent study, pretty low-paying - most green jobs that have been created to date pay below the average wage.
Thursday, June 25, 2009
Will Congress Switch Off Your Lights?
Read this Washington Times article by my husband about how the Waxman-Markey bill will raise your home energy bill by $1,500.