New Study: 1 Million Jobs Lost Under McCain-Lieberman Carbon Cap
WASHINGTON, June 15, 2005 /PRNewswire
Over 1 million jobs would be lost over the next fifteen years under the proposed McCain-Lieberman carbon cap proposal according to a study sponsored by United for Jobs and the American Council for Capital Formation that was released today.
Senators McCain and Lieberman recently revised their bill to include "innovation" provisions that would subsidize the development and deployment of new nuclear and renewable energy technologies. The report found that these subsidies will only add to the total economic cost of the legislation.
The study also looked at a proposal recommended by the non-government sanctioned National Commission on Energy Policy (NCEP). The NCEP proposal would have the same effect as an energy tax on $26 per ton of carbon. The annual U.S. cost would be $27 billion with emission reductions results barely different from current baseline emissions. In fact, the NCEP proposal would produce smaller emissions reductions than the goal of the President's ongoing voluntary program while creating unnecessary new bureaucracy, new vested interests, and large tax-like wealth transfers. Senator Jeff Bingaman (D-NM) is currently considering offering the NCEP plan as an amendment to the energy bill.
"America's economy will only grow and thrive if small businesses have abundant and affordable energy supplies. As the Senate moves forward on advancing energy legislation they should reject any proposals such as McCain- Lieberman or NCEP that increase energy prices," said Karen Kerrigan, President of the Small Business & Entrepreneurship Council.
The study was commissioned from CRA International by United for Jobs and the American Council for Capital Formation. United for Jobs is a project of the National Black Chamber of Commerce, Small Business & Entrepreneurship Council and National Association of Neighborhoods. The full study can be accessed online at http://www.united4jobs.com .
SOURCE United for Jobs
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