Lieberman-Warner will lead to ‘higher energy prices, lost jobs and reduced GDP'
Posted By Marc morano - Marc_Morano@EPW.Senate.Gov - 2:54 PM ET
Lieberman-Warner will lead to ‘higher energy prices, lost jobs and reduced GDP'
A new analysis of the Lieberman-Warner global warming cap-and-trade bill (S.2191) by the American Council for Capital Formation (ACCF) finds the bill will lead "to higher energy prices, lost jobs and reduced GDP (gross domestic product)."
According to the new ACCF analysis, embargoed for release until November 8, "the biggest obstacles to the success of S. 2191 are the projected increases in U.S. population and energy use, both of which will make GHG (greenhouse gas) reductions very challenging, since more people means more energy needed for home heating and cooling, job growth and transportation."
The Lieberman-Warner bill's "required reductions in per capita emissions are about 25 to 35 times greater than what occurred from 1990 to 2000. The technologies simply do not exist to reduce emissions over the next 17 years by the amounts mandated in S .2191 without severely reducing the growth in the U.S. economy and in employment," ACCF will report on November 8.
The ACCF will also report "the cap-and-trade approach of Kyoto Protocol simply isn't working. Under negligible population growth, the EU-15 countries are having extreme difficulty meeting their targets."
Dr. Margo Thorning, Senior Vice President and Chief Economist for ACCF, will be testifying at tomorrow's Environment and Public Works Committee hearing entitled "Legislative Hearing on America's Climate Security Act of 2007, S. 2191." (LINK)
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