Posted by
Patrick Bohan on Tuesday, November 03, 2009 9:24:45 AM
I have attached some figures that the Heritage Foundation calculated as what will be the result of Congress passing the global warming tax or what Democrats refer to as cap and trade. This legislation is quietly working its way through Congress:
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.
My Book: Is America Dying? (Amazon.com, Barnes and Noble)