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Waxman-Markey by the Numbers

Posted By Nicolas Loris On May 27, 2009 @ 1:05 pm In Energy | Comments Disabled

Below is a breakdown of economic impacts of Waxman-Markey calculated by economists at The Heritage Foundation’s Center for Data Analysis. For full analysis of the bill, go here [1].

Energy Cost Impacts

Price increases      2035
Gasoline                   58%
Electricity               90%
Natural Gas             55%
Heating Oil              56%

Family of 4 Cost Expenditure increases, $2009

                                       In 2035         Average             2012-2035
Gasoline                     $565              $302                  $7,254
Electricity                 $468              $392                  $9,410
Natural Gas               $161               $103                 $2,471
Heating Oil                $47                 $32                    $762
Total                            $1,241           $829                 $19,897

Total Tax Impact per Family of 4 (These numbers include the energy costs increases above)
2035              Avg to 2035               Total
$4,609         $2,979                        $$71,493

Employment Impacts
(Losses compared to baseline: cannot be added year to year or multiplied by number of years.)
2035                            2012-2030 Average
2,479,000                 1,145,000

GDP Losses, Billions $2009
2035                 2012-2035              Average Total
$662                 $491                          $9.4 trillion

Increase in National Debt by 2035, $2009
Percent per Family of Four: 26% or $114,915

Value of Allowance Revenue (CO2 Tax), Billions $2009
(This is what Congress gets to spend or give away.)
2012                2035               Average                 Total, 2012-2035
$109               $390              $236                        $5.7trillion

Climate Benefit
Using mainstream analysis [2], climatologists estimate the temperature-moderating impact of Waxman-Markey will be:
by 2050= 0.05 degrees C or 0.09 degrees F
by 2100= 0.20 degrees C or 0.36 degrees F


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2009/05/27/waxman-markey-by-the-numbers/

URLs in this post:

[1] here: http://www.heritage.org/Research/EnergyandEnvironment/wm2450.cfm

[2] analysis: http://masterresource.org/?p=2355

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