Garden State Patriot

The Heritage Foundation has done an exhaustive analysis of the C(r)ap & Trade legislation being readied in the House. The Waxman-Markey bill [logically so-called for the bill's main sponsors, Henry "The Taxman" Waxman (CA) and Ed Markey (MA)], would have significant and drastic negative effects on our economy according to Heritage. Consider that Waxman-Markey, by 2035, would:

Reduce aggregate gross domestic product (GDP) by $7.4 trillion,

Destroy 844,000 jobs on average, with peak years seeing unemployment rise by over 1,900,000 jobs,

Raise electricity rates 90 percent after adjusting for inflation,

Raise inflation-adjusted gasoline prices by 74 percent,

Raise residential natural gas prices by 55 percent,

Raise an average family’s annual energy bill by $1,500, and

Increase inflation-adjusted federal debt by 29 percent, or $33,400 additional federal debt per person, again after adjusting for inflation.

Sound like change you can believe in?

Read the rest of the heritage analysis here: The Economic Impact of Waxman-Markey