After overhauling America’s healthcare industry, Democrats have returned to their favorite, possibly even more divisive, prerogative — energy policy. Unfortunately for Democrats who saw the House-passed Cap-and-Trade stall in the Senate last year, Kerry-Lieberman includes many of the same problematic ramifications: job loss, GDP reduction, and less disposable income.
Americans for Tax Reform sent out the following release outlining these negative economic effects:
The Kerry-Lieberman American Power Act is an attempt by the Obama Administration to put a stranglehold on the economy by unnecessarily inflating the price of energy and taxing American families. This butchering of the free market will cause severe negative effects for the economy. A study performed by Chamberlain Economics, L.L.C on behalf of the Institute for Energy Research provides figures which illustrate this point:
- 522,000 Increase in unemployment in 2015
- 5,000,000 Jobs lost by 2050
- $1,042 Cost to households annually
- $125 billion Over economic loss each year
- 75 percent Seniors that would forfeit 2.3 percent of their income
- 5.8 percent Income forfeited for those making less than $10,000/yr
- 0.9 percent Amount of cash income those making $150,000/yr would be taxed
- $1,174/yr Increase in household bills for Northeast residents
- $987/yr Annual increase households in the South would face
- 14 percent Increase in petroleum prices to consumers
- 12 percent Electricity and utility increase families will bare
- $39 billion Reduction in GDP by 2015
- $384 billion 2050 total loss in GDP
- 119,000 Job losses to the petroleum industry
- 81,400 Natural gas and electric utility job losses
- 49,7000 Chemical product industry job losses
Grover Norquist, President of Americans for Tax Reform had one thing to say, “Are the Democrats and Obama serious about this being their national energy strategy?”