The Economic Consequences of Waxman-Markey

Discussion in 'News / Current Events' started by Revmitchell, Aug 10, 2009.

  1. Revmitchell

    Revmitchell
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    After a truncated debate and last-minute changes, the House of Representatives narrowly passed climate-change legislation on June 26, 2009, designed by Henry Waxman (D-CA) and Edward Markey (D-MA). The 1,427-page bill would restrict greenhouse gas emissions from industry, mainly carbon dioxide from the combustion of coal, oil, and natural gas.

    Since energy is the lifeblood of the American economy, 85 percent of which comes from CO2-emitting fossil fuels, the Waxman-Markey bill represents an extraordinary level of economic interference by the federal government. For this reason, it is important for policymakers to have a sense of the economic impact that accompanies any environmental benefits.[1]

    Analysis by The Heritage Foundation's Center for Data Analysis (CDA) makes clear that Waxman-Markey promises serious perils for the American economy for the years and decades ahead. Waxman-Markey requires arbitrary and severe restrictions on the current energy supply and infrastructure. These restrictions can be met only through large-scale deployment of still-undeveloped or uneconomical technologies and alternative energy sources. In addition to the direct impact on consumers' budgets through higher electric bills and gasoline prices, the resultant increase in energy costs will reverberate throughout the economy and inject unnecessary inefficiencies at virtually every stage of production. It would suppress economic activity and reduce employment, especially in the manufacturing sector. Virtually all costs would eventually filter down to the American people.


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  2. Magnetic Poles

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    I would not call it "economic interference", but rather environmental intervention. Will it have economic outcomes? Probably. However, it could net out with job creation in the conversion to clean up and mitigate industrial pollution.
     
  3. targus

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    Jobs creation? Hardly.

    When the cost of energy goes up in this country (but not in others) as a result of this bill what you will no doubt see is massive jobs outsourcing overseas.

    Nobody will be developing those new clean energy technologies because the supposed consumers will be unemployed and not in the market for electric cars or solar panels or whatever due to a lack of funds.

    Meanwhile, China will continue to pump out the greenhouse gases like there is no tomorrow.
     
  4. Revmitchell

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    You can all it what you want but the effect will be the same. Your term is simply to soothe your conscience and down play the reality. If this becomes reality in Obama's admin the country will completely turn on him. The effects will be that tragic.
     
  5. Magnetic Poles

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    It has nothing to do with soothing my conscience or anything else. It is my opinion. It is one you do not share. So what?
     
  6. Revmitchell

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    The goal of this cap and trade is to raise prices so less is used. It is to force a certain behavior on the American people. It will be the downfall of the Democrat party for years to come. Renaming it to avoid the clear description has nothing to do with opinion.
     

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