Last Thursday the Wall Street Journal editorial board ran a piece about the debate over a carbon tax during the Senate’s Vote-A-Rama on the budget resolution. Sen. Roy Blunt offered an amendment which received a majority of votes but not enough to pass at 53-46 that would require 60 Senate votes to impose a harmful carbon tax. Sen. Blunt’s amendment has bipartisan support with eight Democrats joining all the Republicans to support the amendment.
Remember that late in February the NAM released the results of a study by the nonpartisan NERA Economic Consulting that looked at the economic consequences of a carbon tax. The study found that the cost of energy such as natural gas would increase and manufacturing output would take a serious blow. Workers incomes would also decline as a result of a carbon tax by as much as 8.5 percent.
Jobs would be impacted throughout the economy and country, with a loss of worker income equivalent to between 1.3 million and 1.5 million jobs in 2013 and between 3.8 million and 21 million by 2053.
When considering a carbon tax it is essential that Congress take into the account the serious economic consequences and damage to our economy and jobs that such a tax could cause. Please check out this blog post last week from the NAM’s Ross Eisenberg that further explains these carbon tax votes from the Senate Vote-A-Rama.