AT LEAST 2.3 MILLION JOBS A YEAR WOULD BE LOST ACCORDING TO INDEPENDENT STUDY

Washington, Jun 25, 2009 - “This bill barely disguises the largest tax increase in our nation’s history; a tax to be borne by every American who uses energy,” stated Rep. Cliff Stearns (R-Sixth). “This ill-conceived cap and tax scheme could cost families up to $3,100 per year and reduce the nation’s gross domestic product by $9.6 trillion over the life of the bill. The independent Charles River Associates International of Cambridge, MA projects that this legislation would result in the loss of 2.3 million to 2.7 million jobs each year.”

The House today approved H.R. 2454, the American Clean Energy and Security Act, which includes a cap and trade scheme designed to control carbon dioxide emissions. It would set a total level of carbon dioxide emissions (the cap), and allocate credits to generate emissions up to that level that could be traded and sold (the trade). However, to promote passage of the bill, many of these credits already have been allocated to special interests, industries, and utilities.

Explained Stearns, “China is the world’s leading source of carbon emissions, yet they have consistently rejected any binding international cap on these emissions. Without equivalent efforts by China and India to limit greenhouse gas emissions, the U.S. stands to lose hundreds of thousands millions of jobs to these countries that will profit from this bill without meeting the goal of reducing global carbon emissions.”