fort wayne right Weblog

REAL REPUBLICANS FOR REAL CHANGE

CAP AND TRADE DISASTER FOR INDIANA

Posted by zeakster on August 31, 2009

On June 26, a 1,427-page climate change bill introduced by Representatives Henry Waxman (D–CA) and Edward Markey (D–MA) passed the House by a narrow margin. The bill, also known as Waxman–Markey, includes a number of alarming provisions, chief among them a cap-and-trade program that would attempt to curb global warming by imposing strict upper limits on the emission of six greenhouse gases, with the primary emphasis on carbon dioxide (CO2). The mechanism for capping these emissions requires emitters to acquire federally created permits (or “allowances”) for each ton of greenhouse gas emitted.

Because these allowances carry a price—and because 85 percent of the United States’ energy needs come from carbon-emitting fossil fuels—Waxman–Markey is best described as a significant tax on energy use. Since everything Americans use and produce requires energy, the tax hits U.S. pocketbooks again and again. The Heritage Foundation’s Center for Data Analysis forecasts severe consequences, including skyrocketing energy costs, millions of jobs lost, and falling household income and economic activity—all for negligible changes in the global temperature.[1]

Workers and families in Indiana may be wondering how cap-and-trade legislation would affect their income, their jobs, and the cost of energy. Implementing Waxman-Markey would put a chokehold on Indiana’s economic potential, reducing gross state product by $9.49 billion in 2035.

REST OF STORY
http://www.heritage.org/research/energyandenvironment/wm2585-IN.cfm

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