The Waxman-Markey $9 Trillion Cap-and-Tax Bill
The liberal Brookings Institute yesterday released an analysis of the Waxman-Markey cap-and-trade bill. The bill has been presented by the Democrats as a way to reduce greenhouse gas emissions by 83% by 2050. It accomplishes the goal via the now-infamous cap-and-trade system, which would negatively affect 85% of the economy. Click to view the presentation.
The study finds that the bill will
- reduce cumulative U.S. emissions by 38% to 49%, about 110 to 140 billion metric tons CO2
- reduce total personal consumption by 0.3% to 0.5%, or about $1 to $2 trillion in discounted present
value from 2010 to 2050 - reduce the level of U.S. GDP by around 2.5% relative to what it otherwise would have been in 2050
- reduce employment levels by 0.5% in the first decade, with large differences across sectors
- create an annual value of emission allowances peaking at around $300 billion by 2030, and a total value
of about $9 trillion from 2012 to 2050
According to the Brookings Institute, the Waxman-Markey bill amounts to a $9 trillion tax which would reduce personal consumption by $2 trillion by 2050, and negatively affect employment. But, in keeping with their ideology, the Institute sees that as a good thing; they recommend the bill be immediately passed.
Which tells you one of two things about Liberals (Progressives, if you prefer). They either 1) don’t know what they’re talking about, but have to appear intelligent to maintain a semblance of credibility, or 2) they do know what they’re talking about, they know that their ideas will bankrupt America and collapse our government, and they can’t wait until that happens.
The Brookings Institute’s analysis seems to reflect the latter. We can at least thank them for their honesty.
(HT to Green Hell Blog)
