Energy

Waxman-Markey: What Doesn't Kill You Will Only Make You Poorer

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Americans for Tax Reform foresee death and fiscal devastation via Waxman-Markey. Some of their numbers:

•    Even with a 15% decrease in gas consumption – prices will still go up! A family of four will still pay $596 more in 2035 and $7,500 more in total from 2012 to 2035.

•    There are currently 14 states that produce less than 1% of their energy from governmental defined renewable sources. The Renewable Portfolio Standard (RPS) mandates that this number be 10% nationally by 2012, an unachievable number.

•    Under RPS the majority of American families will see at least a $150 increase (or roughly 10%) in their annual energy bill.  Families residing in southeastern states will see the largest increases.

•    The Corporate Average Fuel economy (CAFE) forces automakers to produce smaller and lighter cars. The National Highway Traffic Safety Administration (NHTSA), estimated that these lighter cars will increase American traffic fatalities by almost 40,000.

•    Waxman-Markey will drive up the national debt 26 percent by 2035. This represents an additional $29,150 per person, or $116,600 for a family of four.

Such cost estimates about future legislation are always provisional and never to be believed completely, but see Ron Bailey at Reason Online on how cap-and-trade proponents at least need to stop pretending it will be costless.