Ultimately, this bill would result in government-set caps on energy use that damage the economy and hobble growth--the very growth that supports investment and innovation. Analysis of the economic impact of Waxman-Markey projects that by 2035 the bill would:
Reduce aggregate gross domestic product (GDP) by $9.6 trillion;
Destroy 1,105,000 jobs on average, with peak years seeing unemployment rise by over 2,479,000 jobs;
Raise electricity rates 90 percent after adjusting for inflation;
Raise inflation-adjusted gasoline prices by 74 percent;
Raise residential natural gas prices by 55 percent;
Raise an average family's annual energy bill by $1,500; and
Increase inflation-adjusted federal debt by 26 percent, or $29,150 additional federal debt per person, again after adjusting for inflation.
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