According to the latest reports from Capitol Hill, House Democrats are busy gutting the Waxman-Markey energy tax bill in an effort to keep its economic costs low. They have a lot of work to do. The Heritage Foundation’s Center for Data Analysis has just completed their study of the March 20th version of the Waxman-Markey legislation and the results are not pretty. Waxman-Markey 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
- Increase inflation-adjusted federal debt by 29 percent, or $33,400 additional federal debt per person, again after adjusting for inflation.
You can read the full report here.
Jimmy Carter once pursued similar economic policies. These produced double digit inflation, unemployment and interest rates.
Obama is Carter on steroids. Just look at these figures! Increasing spending will certainly spur the hyper inflation that will devastate the economy… At least the impact of these policies should be plainly visible around election time 2010.
Carter and Obama will be looked at by history in very similar light.. neither could manage an economy.
http://firstconservative.com/blog/political-humor…
Where is the MEDIA during all this ?
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this surprises me not at all. tax and spend liberals rejoice!
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Obama lied again. He said he would save or create millions of jobs. This bill will kill jobs. Why is he supporting the Cap and Trade monstrosity?
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