The National Association of Manufacturers and American Council for Capital Formation today released an analysis of the Waxman-Markey legislation, including state figures on the economic impact and job loss that the law would cause — effects that fall heavily on manufacturing.
- Cumulative Loss in Gross Domestic Product (GDP) up to $3.1 trillion (2012-2030)
- Employment losses up to 2.4 million jobs in 2030
- Residential electricity price increases up to 50 percent by 2030
- Gasoline price increases (per gallon) up 26 percent by 2030
This analsysis relies on the widely used — including by the Energy Information Administration — NEMS model, and the assumptions take into account new technologies, the creation of “green jobs,” and the expansion of domestic energy production. In addition, this study factored in the impact of the economic stimulus bill.
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